AUD/USD: Technical Analysis
The aussie is still falling with no signs of exhaustion or reversal yet. It pierced below heavy resistance today from the 100-day MA at 1.0205 and the monthly and weekly pivot at the same level. Right now its trading at 1.0185 and its possible that a break below the day's lows at 1.0166 could lead to fresh selling down to 1.0098 where the 50% Fibonacci line is. Meanwhile the band of resistance overhead caps upside and it seems unlikely to rise above 1.0220.
EUR/USD: Technical Analysis
Eurodollar has pushed lower, breaking down though the neckline of the double top and almost reaching the profit target at 1.2475. Now it has rebounded and begun moving higher again. This is probably a counter-trend move, or Elliot wave 4 of the move down and will probably move up to the 1.2555/60 level where clustered resistance should turn it back lower again – although wait for confirmation - and it may then reach the 1.2475 level of the lower border of the channel.
Gold: Possible H & S
We may have a head and shoulders pattern completing on the hourly chart at the highs. This could possibly break below the neckline at 1688 triggering a strong move lower, perhaps to around 1675 where it will meet support from both the weekly pivot and the 38.2% Fibonacci line. A move above 1694, however, would negate the bearish outlook, with 1722 then in focus.
Analysis By: Forex4you Analyst - Joaquin Monfort.
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