This pair is playing out as planned. The EUR group is currently fairly neutral with the AUD group showing some weakness.
The daily technical view tells me that price might want to spike up and then pullback with some strength. I can see momentum leading up to this key level (green line) has been slowing down. This is going against correlation at the moment. So I am still in wait and see mode. As long as price does not break and hold above the 1.5892 handle I will be looking for signs to continue to show me this is a sell. I could see price spike to this level and maybe even crack it before we see sellers show up and push price down. If this happens I will wait for price to reach around the 1.5725 area and then pullback and retest the 1.5815 before looking to take the short.
From the 4h chart I can see price has really been struggling to get above the 1.5815 handle. I like this type of price action prior to seeing sellers show up and become aggressive. This supports my daily technical view point.
The only way I will turn to buyers here is if we can breach and hold above the 1.5892 handle. Until then I lean towards the sell side. There is still some time to wait before price unfolds the story. So a little patience is needed to get the best price here.
The daily technical view tells me that price might want to spike up and then pullback with some strength. I can see momentum leading up to this key level (green line) has been slowing down. This is going against correlation at the moment. So I am still in wait and see mode. As long as price does not break and hold above the 1.5892 handle I will be looking for signs to continue to show me this is a sell. I could see price spike to this level and maybe even crack it before we see sellers show up and push price down. If this happens I will wait for price to reach around the 1.5725 area and then pullback and retest the 1.5815 before looking to take the short.
From the 4h chart I can see price has really been struggling to get above the 1.5815 handle. I like this type of price action prior to seeing sellers show up and become aggressive. This supports my daily technical view point.
The only way I will turn to buyers here is if we can breach and hold above the 1.5892 handle. Until then I lean towards the sell side. There is still some time to wait before price unfolds the story. So a little patience is needed to get the best price here.
All the analysis is based on techniques from:
www.urbanforex.com/
Check out our in house strength meter app we use for all our analysis on the app store.
FX Meter : itunes.apple.com/us/app/fx-meter/id1286671384?ls=1&mt=8
www.urbanforex.com/
Check out our in house strength meter app we use for all our analysis on the app store.
FX Meter : itunes.apple.com/us/app/fx-meter/id1286671384?ls=1&mt=8