Today we look at EUR/USD, USD/CAD and AUD/USD to highlight key levels and patterns.
EUR/USD
- A false break around 1.13 and broken bearish channel warns of the potential for a bottom to form.
- If 1.1267 holds as support then a break above 1.15 signals a bullish reversal.
- Range trading strategies are preferred until a clearer trend develops
USD/CAD Daily
- A gap lower and break of its trendline marks a likely momentum shift from the highs.
- A series of Doji’s and their failure to close above 1.3318 warned of weakness to the uptrend.
- Structural lows are now the focus for bears, particularly with bullish hammer’s or Doji’s.
AUD/USD Daily
- Its gap higher has taken the Aussie to the 200-day average and 0.7382 high.
- A break above resistance brings the 0.7484 high into focus.
- A break beneath of 0.7344 warns of a false break.
