AUDUSD seems to have bottomed out from its recent long-term selloff, as the pair is starting to trade inside a rising channel on its 1-hour chart. Price recently broke above the double bottom neckline as well, setting its sights on the next potential resistance areas.
USDJPY has been making higher lows and lower highs, creating a symmetrical triangle on its 1-hour time frame. Price just bounced off the triangle resistance and is currently testing support, still awaiting a bounce or a breakdown.
The GBPUSD pair shot higher during the course of the session on Wednesday, crashing into the 1.55 handle.
The EURUSD pair initially fell during the day on Wednesday, but found enough support near the 1.12 level to turn things back around and form a nice-looking hammer.
The AUDUSD pair broke higher during the course of the day on Wednesday, clearing the top of the hammer that had formed on Tuesday.
The GBPUSD pair fell significantly during the session on Monday, but turned back around to form a large hammer. With this, it looks like we are trying to break out to the upside but there is a significant amount of resistance at the 1.55 handle.
AUDUSD has been moving higher in the past few days but it could be a large correction from the longer-term downtrend.
AUDUSD stays below the downward trend line on daily chart, and remains in downtrend from 0.8162.
EURUSD remains in downtrend from 1.1713, the bounce from 1.1087 is likely correction of the downtrend.
The AUDUSD pair fell during the course of the day on Wednesday, as the area above the 0.70 level continues offer resistance.
