AUDUSD could be in for a long-term reversal from the recent downtrend, as an inverse head and shoulders pattern can be seen on its 4-hour time frame. Price is on its way to test the neckline around the .7400 major psychological mark and the 200 SMA.
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GBPUSD broke below the ascending triangle support on its 4-hour chart, signaling that price is in for more declines. The chart pattern is around 300 pips in height so the resulting selloff could last by the same amount.
The EURUSD pair rose slightly during the course of the session on Wednesday, but quite frankly we are simply consolidating at the moment.
Cable anticipating BOE by going precisely nowhere! All we can say is 1.5550 region represents strong support & is also where have the 200 ma.
The GBPUSD pair went back and forth during the course of the day on Tuesday, essentially settling nothing.
t only took a shift in rhetoric from RBA Gov Glen Stevens to upset the Aussie dollar bears whose best laid plans went sent completely awry.
The EURUSD pair initially tried to rally during the course of the session on Tuesday, but found the 1.10 level to be a bit too resistive.
The EURUSD pair fell slightly during the course of the session on Monday, as we simply meandered below the 1.10 level.
During the session today, we will be hearing from the Reserve Bank of Australia.
