The bounce out of 1.5200 determined the lasting of the sideways move. So, the pair is currently approaching to the bottom edge of the consolidation range, 1.5080, which was mentioned in the last commentary. The trades are carried at 1.5095/90. The indicators’ values note the changes in favor of the “bearish” preferences. That in its turn speaks about the probability of even lower price decrease, till the trend line of the upgrading channel (the blue lines) at the support at 1.4990/80, probably. As seems, however, the potential of the support at 1.5080/90/70 is quite enough to renew the trades’ upturn. The consolidation within the range between 1.5200-1.5080 will obviously go on. Concerning the rest in short-term the former forecasts go ahead staying in force.
EUR/USD: Technical Analysis
The attempt to fix above the resistance at 1.2620/00 failed. Thereupon the checkup of 1.2660 the price returned downward and currently resides at 1.2560/70. Up to the point there’re no signs of the beginning to implement any of scenarios, which were mentioned in the former analyses. There’s high enough probability of the continuation of the sideways move within the edges of 1.2600/20-1.2480. Meanwhile, this range may be narrowed by means of upraising of the supports as there’re powerful obstacles on the way downward at 1.2540/20. The indicators note the possibility of reversal downward again. At the same time, the slight MACD divergence confirms the reasonable potential of the currently observed decline.
USD/JPY: Technical Analysis
The “Bears” showed their preeminence and reversed the trades down again, till the local minimums at 86.90/95, which were mentioned in the previous commentary. The indicators made their values downgrading. This obviously goes to prove the continuation of the descendant move. However, it’s necessary to overwhelm the support at 86.90/95 to that effect. Succeeding it, the next supports will be at 86.50/60 and further at 86.30/86.00 as well.
The scenario of the advance will be relevant in case of breach of 88.20, which has already become a powerful resistance, only.
AUD/USD: Technical Analysis
The price fixation below the range of 0.8690-0.8650 and following breach of the support at 0.8590 set out the priorities of the descendant trend. Nevertheless, this breached support attracted the price and just recently checked up endurance of it as a kind of resistance. The degree withstood that checkup; so the decline renewed, and the price currently resides at 0.8450. The layout of the kind obviously proves even greater strengthening of the “bearish” leading positions and also gives a handle for predicting the continuation of the tumble, even despite the lack of the evident signs from the indicators. In this case the following target may be pointed out at 0.8310/15/00; though it’s reasonable to foresee the trades’ downfall till 0.8120/30 under the terms of the previously mentioned degree.
The alternative scenario concerning the comeback to the mid-term upturn will be relevant in case of breach of the resistance at 0.8590/0.8600.
Analysis by: www.Forex4you.com written by Joaquin Monfort
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