Not many moves in the market today it was fairly calm and slow. I do sense the commodity dollars weakening against the dollar. There was a really strong bearish move on the Nzd.Usd, Aud.Usd and Aud.cad yesterday and i sense further decline in these pairs to come. They are currently pushing up against resistance levels and if these levels hold expect a further move south. Other pairs im currently interested in are Eur.Aud and Aud.Chf, these two pairs have been trending nicely over the last couple days so its worth taking a closer look.
Eur.Aud & Aud.Chf
Both pairs completed their fib swings and are currently retracing. Very simple set ups on both pairs I’m basically waiting for the retracements to end. Eur.Aud has resistance levels around 1.2365-1.2400 area and if resistance holds look for a u-turn towards the south. The current swing has a fib target of 1.2180. Aud.Chf is currently retracing towards support levels around 0.9700-0.9750 and if support holds look for a continuation towards the north. The current fib target of this swing is at 0.9902 so proceed with caution after this point.