USD Begins Week On Back Foot

Published 10/29/2018, 05:50 AM
EUR/USD
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USD/JPY
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AUD/USD
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The USD begins the week on the back foot following Friday's reversals. So for today's overview we look at the daily charts for EUR/USD, USD/JPY and AUD/USD.

EUR/USD Daily

  • Friday’s bullish engulfing candle shows a hesitancy to break lower.
  • We need prices to consolidate below 1.1432 before considering a short trade.
  • The bias is for a run to 1.13 whilst we trade beneath 1.1432, making it a pivotal level.

EURUSD Chart

USD/JPY Daily

  • Since breaking the March trendline, JPY has started to turn lower.
  • 112.89 marks a likely swing high which warns of further downside.
  • A break of Friday’s low (111.38) confirms the bearish move is ready to resume.

USDJPY Chart

AUD/USD Daily

  • An elongated bullish pinbar (which is also an outside day) warns of a bear-trap at the lows.
  • Near-term risks are to the upside, although the longer-term trend remains bearish.
  • The 0.7160 high and bearish channel are potential targets / areas of resistance for bullish setups.

AUDUSD

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