AUD/USD: Technical Analysis
Strong 1.0300/10 support held back the “bears” for a while, but then the price continued its decline and tested earlier breached downtrend (blue) line around 1.0260/50 levels. Then trading pulled back up and is now carried out at 1.0290/80 level. Indicators are bearish, suggesting further possible decline. However, strong supports at current levels give reasons to be cautious about further dissension - the barrier on the way down is strong enough, so correction within 1.0360-1.0160/50 range is also quite a possibility. Decline below 1.0220/30 local minimum will indicate the bearish strength and give reasons to expect a plunge to 1.040/30 level. Growth above 1.0360 will, on the other hand, suggest a possible reversal towards the bullish trend in a medium term.
EUR/USD: Technical Analysis
The price reached 1.3000/10 support, which triggered a pullback up, so trading is currently carried out at 1.3170/60 level. Indicators are turning back neutral, suggesting further sideways movement. Earlier forecasts, predicting that 1.3000 support breakout will open the way down to the new local minimums at 1.2870/80, 1.2750, 1.2620, have all chances to confirm. Should the price grow above 1.3250/60 level, hold in the uptrend channel (blue dashed-line) and breach 1.3290/1.3300 resistance, market sentiment will change to “bullish”.
GBP/USD: Technical Analysis
1.6060/50 support held back the “bearish” attacks and prevented the price from holding below. Trading recommenced growth and is now carried out at 1.6150/40 level, which means that the price has approached 1.6160/70 level, mentioned earlier as the target for growth. Indicators have turned more bullish, suggesting further growth. Only MACD divergence suggests a possible pullback, which gives reasons to anticipate a large scale correction from 1.6170/60 resistance. Decline below 1.6120 level will be the first signal for changes, 1.6090/80 support breakout will be the final indication of the upcoming pullback down. If, however, the price breaches 1.6170/60 resistance the bulls will have good chances to test 1.6300 level.
Analysis By: Forex4you Analyst Arkady Nagiev.
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