EURAUD formed a double top pattern on its 4-hour chart recently, signaling that price is exhausted from its climb. The pair just broke below the neckline of the chart formation, confirming that a reversal is bound to take place.
The USDJPY pair broke higher during the course of the session on Monday, clearing the 123 handle.
The GBPUSD pair broke out a few sessions ago as we cleared the 1.58 handle. On Monday, we pulled back to find support at that previous resistance barrier, something that you would expect if you use technical analysis for your trades.
The AUDUSD pair fell during the course of the session on Monday, testing the 0.77 level.
EURUSD has been consolidating inside a rising wedge pattern for the past few weeks and is recently showing signs of a breakdown. Price is trading below the 1.1300 handle and may be in for around 200 pips more in losses, which is the same height as the chart pattern.
The GBPUSD pair broke much higher during the course of the session on Wednesday as we finally cleared the 1.58 level. Because of this, we feel that the market has broken out and it’s only a matter time before the British pound continues to go much higher against all currencies, not just the US dollar.
The AUDUSD pair initially fell during the course of the session on Wednesday, finding support near the 0.7650 level.
EURUSD just broke out of its short-term consolidation pattern, signaling that further gains are possible for the pair. Recall that price had traded inside a symmetrical triangle pattern before breaking to the upside past the 1.1300 major psychological resistance.
The EURUSD pair went back and forth during the course of the session on Wednesday, as we found the 1.12 level to be supportive. We believe that this market continues to bounce back and forth as we have no real chance of a significant trade at the moment.
The USDJPY pair did very little during the session on Wednesday, as we continue to bounce around the 123 handle.
