Here's What We're Watching Today
AUD/USD has bounced from a key zone. See the setup, and what other setups we are watching!
Price has bounced from the key figure of 0.700, which has also acted as a key support and resistance zone historically. Last week poor inflation & consumer confidence data dampened the USD. We are looking for price to retest support, and are looking for upside.
Price has broken the descending trendline after bouncing from the significant 0.70 level, a strong bullish indication. We're looking for support to form around the fibonacci golden pocket & to trade upside from this zone.
The EURUSD has made a bounce from the key 1.1200 price level, which also has been a significant support / resistance historically. Similar to the AUDUSD we're looking for continued short term downside to retest support.
Price is in a trading range and we're looking for continued downside into the range support.
Price has traded in a descending wedge pattern into a previous resistance structure. We anticipate that this structure will hold as support, and price is stabilising at the moment. We're looking for upside on this pair.
Price has stabilised around the 1.3200 support figure, and performed a break & retest pattern of the resistance trendline. These are bullish indications, and we anticipate continued upside.
Price has held the fibonacci golden pocket as support, and is holding above the trendline support. We're looking for a sustained upside move into the 61.8% fibo extension level.