AUD /USD
The rally of the stocks weakened the momentum of the USD against most of the currencies and the AUD got the opportunity to correct. No doubt that the weakening of the Aussie was caused by the bullish momentum of the USD and not because of bad economic situation in Australia. Therefore, the correction yesterday was aggressive and the pair rose 200 pips.
In the daily chart of this pair, we can see an accurate triangle, which means that the buyers and the sellers are about to meet around 1.0. This pattern is a combination of the "higher-lows" and the "lower-highs" patterns, which emphasizes the simultaneous pressure of both bulls and bears.
EUR/AUD
The EUR finally corrected against the USD and it reached the resistance of the former break-down area, that turned from support to resistance. The continuation of this correction depends on the ability of Wall Street to continue rising.
As for the pair EUR/AUD, the intensity of the weakness of the EUR against the USD is relatively higher than the weakness of the AUD against the USD. Therefore, the pair's weekly & daily charts show an obvious downtrend. There is an accurate support at 1.292 and a strong break-down can start a long bearish session towards 1.20. However, if the support is strong, than the EUR might correct hundreds of pips against the AUD from the current levels.
The rally of the stocks weakened the momentum of the USD against most of the currencies and the AUD got the opportunity to correct. No doubt that the weakening of the Aussie was caused by the bullish momentum of the USD and not because of bad economic situation in Australia. Therefore, the correction yesterday was aggressive and the pair rose 200 pips.
In the daily chart of this pair, we can see an accurate triangle, which means that the buyers and the sellers are about to meet around 1.0. This pattern is a combination of the "higher-lows" and the "lower-highs" patterns, which emphasizes the simultaneous pressure of both bulls and bears.
EUR/AUD
The EUR finally corrected against the USD and it reached the resistance of the former break-down area, that turned from support to resistance. The continuation of this correction depends on the ability of Wall Street to continue rising.
As for the pair EUR/AUD, the intensity of the weakness of the EUR against the USD is relatively higher than the weakness of the AUD against the USD. Therefore, the pair's weekly & daily charts show an obvious downtrend. There is an accurate support at 1.292 and a strong break-down can start a long bearish session towards 1.20. However, if the support is strong, than the EUR might correct hundreds of pips against the AUD from the current levels.