AUD/USD: Technical Analysis
Longer term there is a bearish topping pattern on the weekly chart, however the exchange rate is in a support zone between 0.97 and 0.93 where historically there have been many rebounds, and from the current level it could rebound in the short term before the larger trend pushes things down again. The 4-hr chart is showing the formation of a hammer resting on the weekly pivot which could herald a bullish bounce, with 0.9750 presenting an initial target. A continuation lower, however, would target the 2011 lows at 0.9387.
USD/JPY: Possible Reversal
There is a possibility that a reversal will take shape in USD/JPY. The break out of the triangle has reached its target and it is possible the medium trend may be about to reverse as triangles almost always precede the final move in a trend. A hammer has formed on the daily, and if it remains and we get more bullish confirmation on Monday, then the reversal could follow. The next target higher would be the trend-line at 79.00. If the trend down resumes, however, then it could reach support at 77.46 from the monthly pivot.
EUR/USD: More Downside Expected
The EUR/USD pair has resumed its down-move and will probably continue lower, with the next target located at the weekly pivot at 1.2283. A deeper move might reach 1.2183 which is the target if waves A and B of the move from the 1st of May achieve equality.
Analysis By: Forex4you Analyst - Joaquin Monfort.
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