Trading news

Technical analysis EURUSD, GBPUSD and AUDUSD 6 September 2013

EUR/USD

The bears were able to break the support at 1.3150, which was a key support on the way down. Now the price is at 1.3120/10. In this situation, the price may confirm the previous forecast and fall to 1.3060/70, 1.3000. The indicators support a bearish sentiment. This adds confidence that the price will fall to the targets mentioned above. Meanwhile, this increases the risks of falling to local minima at 1.2900/50 – 1.2850/00. The uptrend resumption is unlikely, but the hints at the divergence on the MACD indicate that the price may stop its fall for correction, which can be rather long.

GBP/USD

The level of 1.5650/60 was tested twice on the way up. After testing the strength of this level, the price pulled back down and moved to the support at 1.5560/70, which was mentioned as a key level on the way down. However, there the price kicked back and is now at 1.5590/80. The indicators show mixed dynamics: some indicators show a weakening move up. This increases the probability of changing the trend into bearish (which is possible after receiving a confirmation, like the price fall to the level of 1.5560 and consolidation below). Should this happen, the price will soon move back to 1.5400/20. Meanwhile, until the price breaks the key support level, it may resume its rise to the target at 1.5740/50.

AUD/USD

The pair continued its rise, the bulls managed to cross the resistance at 0.9110/20 and now the price is consolidating above this level. The level of 0.9110/20 was already tested as support, resisted, and the pair is now trading at 0.9150/40. The indicators have weakened the bullish priority, but the uptrend still remains dominant, which can be considered as a continued rise, but after further price consolidation in the range of 0.9180/90 -0.9120/10. The next target will be set at the resistance level of 0.9210/20, which will determine further price dynamics: a kickback and continued fall will indicate the downtrend resumption with the target at 0.8810-0.8780/70. However, breaching this level would indicate that a medium-term bullish trend has started.

Friday, 06 Sep, 2013 / 12:35

Source : http://blog.forex4you.com/technical-analysis-eurusd-gbpusd-and-audusd-6-september-2013/

Trading news

 

Markets drift sideways as US stimulus deal awaited

  US stimulus deal edges closer as talks continue, investors hold [...]

Posted on Friday, 23 Oct, 2020 / 10:08 under

Roller-coaster ride on the DAX – DAX 30 Market Outlook – 23/10/2020

Roller-coaster ride on the Dax-30, testing September lows before ending [...]

Posted on Friday, 23 Oct, 2020 / 7:53 under

OIL remains under pressure by surging COVID-19 cases and further lockdowns – US OIL Market Outlook – 23/10/2020

Comments out of President Putin, saying that Russia has not ruled out the [...]

Posted on Friday, 23 Oct, 2020 / 7:52 under