Now the pair has broken major consolidation area with conviction. That usually is a sign of continued momentum. Many argue that fundamentals don't move markets but if it wasn't for better than anticipated news out of Australia and the strength in Oil
, many technical traders including myself would be in profit as many had predicted another impulse move to the downside. Technicals only matter when a shift at the macro level has been established and then trading waves and/or support resistance levels become relevant.
If a fundamental shift is strong enough, it does not give a hoot about support/resistance
lines or wave theory until it has calmed down and then technical studies can be relevant again.
Fundamentals sets the train (price) in motion, Technicals keeps the train (price) moving.