AUDUSD attempts to break through a channel parallel whose slope has been guiding the pair's behavior since January 2018. Watch a possible retracement to the parallel for a bounce and continuation, or for a breakdown.
As observed earlier in the linked analysis, EURUSD may be at an important point in time as we are heading into ECB later this week. The chart shows significant parallels and trendlines whose interaction with the pair may be indicative of the further developments in the pair's behavior.
Point X is an important inflection point on a higher degree scale. X-D line is parallel to the pitchfork’s defining slope, with point D being broadly a cross of 1.272 and 0.786 fibs of the harmonics pattern. On top of it, the 1.2900 round number level is very close, and the pitchfork’s median line is nearby. Given the confluence of these factors, the area around...
USDMXN responded vigorously to a support zone, reversing in 5 waves and breaking short-term trendlines. RSI overtook 70 on 4h. Watch possible retracement for a potential long as the week progresses.
EURGBP is at the bottom of a weekly channel with clearly expressed contention points at the median and channel borders, approaching a nearly ideal confluence of the 61.8% retracement of the 2015-17 bull run and 100% extension of the two equal legs A and C lower at around 0.84, combined with the horizontal support at wave IV. Watch the price action in the coming...
After the news spike, EURUSD has now fallen below a confluence of the trendlines belonging to the short-term ascending and descending channels, the 50% retracement of the latest leg lower, and the multi-year ascending trendline (thick green line). It retested the pre-news lows and now came back to the monthly opening at 1.1370 from the underside. I case the...
