EUR Trading Outlook
TECHNICALS: No change in the technical outlook from yesterday, with .9000/.9350 still the big levels to watch and a break either side will cause a momentum shift (see chart). The very short-term trend is bullish so we may see a topside test first but the medium term trend is definitely bearish so big technical levels will be defended.
TECHNICALS: There are fairly obvious range edges now at .9000/.9350 (see chart) and with the dailies so heavily oversold according to nearly every indicator, I’m maintaining my bullish bias. The very short-term charts are in a bullish phase and buying any dips back towards .9180 makes sense there.
TECHNICALS: Sometimes it pays to sit back and have a look at the bigger picture and there is still no doubt in my mind that the AUD/USD is extremely oversold and at some stage will retrace towards more neutral levels (see chart). In the FX market, timing is the most important factor, and as yet there is no sign of any short-term bottom forming from which to launch this retracement.
TECHNICALS: The bears regained control of the AUD/USD market on Friday, taking out recent lows at .9035 before stalling ahead of important psychological support at .9000. Selling rallies back towards increasingly-strong resistance near .9300/50 (see chart) seems like the logical play.
Go to Euro (EUR) Archive