EUR/USD Channel Support Retest (March 24, 2014)
EUR/USD recently broke below a key support zone around the bottom of the rising channel on the 1-hour time frame and the 1.3800 major psychological level.
EUR/USD recently broke below a key support zone around the bottom of the rising channel on the 1-hour time frame and the 1.3800 major psychological level.
The USD/JPY pair did very little during the session on Thursday, hovering just below the 102.50 handle.
The AUD/USD pair fell hard during the session on Wednesday, but found enough support at the 0.90 level to keep the market somewhat afloat.
EUR/USD is moving in an uptrend, as seen on its 1-hour time frame. It is making a test of the rising trend line connecting the lows of the price while stochastic is in the oversold zone.
AUDUSD broke above 0.9133 resistance, suggesting that the uptrend from 0.8660 (Jan 24 low) has resumed.
USDJPY is facing 101.20 support again, a breakdown below this level will signal resumption of the downtrend from 103.76, then the following downward movement could bring price to 98.00 zone.
EURUSD’s upward movement from 1.3477 extended to as high as 1.3966.
AUDUSD remains in uptrend from 0.8660 (Jan 24 low), the price action from 0.9080 could be treated as consolidation of the uptrend.
The AUD/USD pair initially try to rally during the session on Tuesday, but as you can see found enough resistance to push the market back down.
USD/JPY might be in for a quick pullback to an area of interest before resuming its rally.