Investors favoured the deal coming out of Europe so we experienced great moves in the market today. The euro, the pound and the commodity dollars rallied aggressively Vs. Usd and the Yen. Most pairs are exhausted at this point and are currently retracing, for this reason there aren’t many pairs I’m currently looking at, even with the ones I am, im not certain the retracements will finish tomorrow.
This pair broke through the sideways channel and is currently retracing to meet lower support levels. There is a big probability it will find support on the backside of the channel around 1.3200 area, if this support holds there might be good buying opportunities here.
The bulls found support on the backside of the channel at around 1.5770’s where they took over control and broke through resistance at 1.5850’s with momentum. Very similar to the moves by eur.usd this pair is also currently retracing towards the backside of the channel at 1.5850’s and if support holds, I will be looking for buying opportunities.
I was waiting for this pair to break towards the south today but the market proved me wrong. Not only did this pair break through resistance it also decided to crown on the 1H. It is currently retracing lower to meet its left tip around 0.8280-0.8300. I anticipate this pair to find support at that area and continue further north, be very cautious of the upward trend line coming from higher time frames
Eur.Aud & Aud.Chf
these are definitely one of the most interesting pairs to observe for the last little while. Both pairs are in the process of reversing their trends, or so I believe. Eur.Aud is running with the bulls and is slowly creeping towards higher levels and should be due for a retracement soon. The retracement can take it to support levels around 1.2220’s and if this area doesn’t hold it will drop lower to meets its left tip around 1.2170’s. if it goes lower than that point I will stop looking for buying opportunities. The current fib target for this pair is 1.2374. Aud.Chf is in the process of forming a bear crown at the moment. It took out a major low so I anticipate this pair to retrace to meet its left tip around 0.9900’s; this is where I would be looking for short opportunities. If the bulls take out the left tip I will stop looking for short opportunities. Keep in mind it is quite possible the retracements can come to a halt before those levels.