EUR/USD Trades Higher off of Trendline Support
Afternoon Technicals (all charts)
FOREX Trading and Technical Analysis Observations
My focus remains on euro crosses, specifically EURUSD, EURAUD, EURCHF
The EURUSDresponded at trendline support beneath 13500 and the aggressive impulsive bullish count is valid above 13403. Look higher. Potential resistance before Friday’s high comes in from the 61.8% retracement of the decline at 13613.
The EURAUD is well off of the lows set last night on the release of the RBA rate decision. Trendline support isn’t until about 12830 today. The line increases about 30 pips per day. The long term bullish breakout is valid against 12568. The target from the inverse head and shoulders isn’t until above 14000.
The EURCHF may be searching for an important low. Price is testing the 50% of the advance from the ‘floor’. I’m bullish as long as price is above the former range high of 12183 (daily closing basis).
No change regarding AUDNZD from yesterday – “the AUDNZD has confirmed a multiyear head and shoulders top. The objective is 10841 and I’m bearish against 12551.”
EURUSD – Daily
Prepared by Jamie Saettele, CMT
EURAUD –Daily
Prepared by Jamie Saettele, CMT
EURCHF –Daily
Prepared by Jamie Saettele, CMT
AUDNZD –Weekly
Prepared by Jamie Saettele, CMT
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele
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