AUDUSD Forecast July 9, 2014, Technical Analysis
The AUDUSD pair broke higher during the day on Tuesday, clearing the top of the Monday hammer.
The AUDUSD pair broke higher during the day on Tuesday, clearing the top of the Monday hammer.
The AUDUSD pair initially fell during the session on Monday, but found enough support below in order to turn things back around and form a hammer.
The EURUSD pair initially fell during the session on Monday, but found enough support below the 1.36 level in order to continue going higher.
The USDJPY pair fell during the session on Monday, but as you can see really remains mired in a significant amount of consolidation.
The AUDUSD pair rose slightly during the session on Friday, testing the 0.9350 level for support.
EURUSD’s downward movement from 1.3700 extended to as low as 1.3580.
The GBPUSD pair continued its bullish move on Tuesday, breaking above the 1.7150 level. The action from the Tuesday session suggests that the market is in fact going to continue going higher, as we try to get to the 1.75 level.
The rising channel on AUDUSD’s 1-hour forex chart is still holding and it appears the pair found resistance at the .9500 major psychological level, which lines up with the top of the channel.
EURUSD is facing 1.3651 resistance, a break above this level will signal resumption of the short term uptrend from 1.3512, then further rise to test 1.3676 key resistance could be seen.
GBPUSD is testing 1.7062 resistance, a break of this level will indicate that the uptrend from 1.6692 has resumed, then next target would be at 1.7200 area.