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GBP/USD Flirting With Critical Support
Since the breakout of 11/23 at the $1.60 level the Pound rallied to nearly 1.6350 and while it looked poised to go higher it has since sold off, bounced at $1.60 on 1/10 and has now returned to test the level. the more often a level is tested the more important it is. The more times it holds the support there is for it but if it breaks price may remain under it for a while.
Critical test of support for this consolidation is now occurring at the $1.60 level. Continued selling below support will move momentum to the downside. A bounce and the range continues back to 1.62.
Read the rest of the forex post and see the GBP/USD chart here.
EUR/AUD Momentum Shift
EUR/AUD has now put in a lower high and momentum is turned to the downside. Clearly the Euro is short term overbought against multiple currencies and while the Aussie remains stubborn against the Dollar this makes it strong against the Euro. Minor support at 1.2550 is unlikely to hold with the negative momentum behind price which is no longer consolidating. See chart here
FTSE 100 Poised To Sell Off
Markets around the world have had a nice run lately including the FTSE100 but this pattern presents a risk. Using the EWU ETF as a proxy for the FTSE100 (they differ a bit but its close) the chart demonstrates the breakout from resistance on 1/2/13, the market retesting old resistance now support on 1/8/13 and the rally higher from there. If we look at the price action from 12/12/12 until now it forms a bearish rising wedge.
See the rest of the post and chart at FTSE 100 Poised To Sell Off