After launching 600+pips in a matter of 3 days, the Aussie has found its lines in the sand. The massive up-run rejected at 1.0330 (61.8% fib of 1.0750 – .9675 down-move) and pulled back to 1.0152.
Since then, neither level has been broken, but the pair is forming a slight wedge towards the upside with the 50% retracement (@ 1.0208) holding the short term downside for now. This could be a termination wedge so be on the lookout as intraday charts suggest volumes are thinning out early this holiday season.
Sell-offs from the highs are a little more aggressive but the blue-red candles is an almost even ratio over the last 40hr suggesting no clear winner in the market. If price action clears and closes above 1.0330, then look for 1.0400 and 1.0500 to come under attack quickly.
GBP/USD – Held in Check
After having an impressive bounce off of 1.5425 with a three day gain and each successive candle getting larger in size suggesting the buying participation was increasing, the pair ran into a wall at the daily 20ema and has been held in check since then. Intraday traders can play price action rejections off this level with tight stops above where as bulls can look for a close above whereby technical models will likely get triggered going long targeting just sub 1.5900. Breaks below 1.5600 add to the bearish tone and a likely return back to 1.5450.
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Forex Trade Signals and Setups
Published 12/06/2011, 03:12 AM
Updated 05/14/2017, 06:45 AM
Forex Trade Signals and Setups
AUD/USD – Lines in the Sand
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