EUR/USD: Technical Analysis
Resistance level 1.4040 turned out to be strong enough and didn’t let the price rise. After a pullback downwards the trading is currently carried on at level 1.3880/70. Indicators are turned downwards, which can be the evidence of a reversal to a downtrend. At the same time the “bears” are now likely to meet serious barriers on the way, which makes the situation in this pair rather unclear. Range trading in a wide price range between levels 1.4040 and 1.3780/70 is a possibility. The breakout of one of these barriers will indicate further direction for the nearest future.
GBP/USD: Technical Analysis
The price continued to descend in this pair and the trading went back to support 1.5665, ?? wherefrom the price had previously pulled back upwards to level 1.5880. In the last comment we’ve mentioned that in order to expect a reversal to a downtrend we should first wait till the price tests a new local minimum, thus raises above level 1.5665, and now this scenario is very likely to be realized. Support level 1.5665/50 breakout will open the way to level 1.5600, and then 1.5520/10/00. But before the price falls below1.5660/50 there is still a high possibility for the reversal to the uptrend if the price raises above 1.5780/90. Uptrend channel line breakout (blue lines), which is currently a resistance level will be the last sign for that.
USD/CHF: Technical Analysis
This pair bottomed, reaching all-time-lows on the 14th and has been steadily rising since then. I see a continuation of this trend upwards. There was a very swift climb this morning which is currently being corrected by a sideways move. It is likely that this sideways move will finish soon and then a second leg will rise completing a three wave pattern, and taking the exchange rate to perhaps 0.9800 initially, and then even higher to perhaps 0.9830.
AUD/USD: Technical Analysis
Level 0.9760 /40 couldn’t stop the growth in the pair and only level 0.9880/0.9900 managed to become a strong resistance. The price pulled back downwards, so the trading is currently carried on in a narrow range 0.9880 – 0.9760. Indicators are still turned downwards, which suggests a new price fall. Support 0.9750/60 breakout will indicate dominating “bearish” moods in the market and the uptrend channel line breakout (red lines) will be a serious sign of the reversal in the pair. Support 0.9540/30 breakout will be the final signal to the reversal. At the same time if the price raises above 0.9900 we’ll be expecting level 0.9990 test with a high possibility to see new maximums in this pair.
Analysis by: Forex4you.com written by Joaquin Monfort
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