Whats Happening In Forex Markets Today
The AUD/USD has broken recent lows, EUR/USD stabilising at support, and NZD/JPY stalling.
Price has broken the recent daily lows, and is continuing to our downside target, which lies at the 61.8% fibonacci extension.
Price is holding below the moving averages and resistance trendline. Similar to AUD/USD we're targeting downside to the 61.8% fibonacci extension.
Price is holding the 1h 50 moving average as resistance, and the RSI is holding bearish levels below 50. Price is currently attempting to make a break below recent lows.
Price has rebounded out of the 500 day moving average as support. The 50-200 moving averages are in a bearish cross, signalling further downside potential. As long as price remains in the bearish structure we remain bearish on the pair.
Price is currently in a bearish flag pattern, and has pulled into the fibonacci golden pocket resistance. We're looking for a downside move from here, or alternatively for price to reach the recent daily high as resistance.
Price has dropped from the daily resistance trendline that we outlined yesterday. We're now looking to see if price will bounce from trendline / moving average support, or if the bullish 1h structure breaks down.