The EURUSD pair broke higher during the course of the day on Wednesday after initially touching the support level just above the 1.10 level that we had seen during Tuesday’s trading. It seems that the market may reach towards 1.12 level and so we can b buyers with short term pullbacks. The market will be choppy so we have to wait for buying opportunities.
The GBPUSD pair initially broke higher during the course of the day on Wednesday, but found enough resistance above to turn things back around and form a bit of a shooting star. The shooting star is of course a negative sign, but we also recognize that there is quite a bit of support just below as we have been consolidating for some time. The pair will find a supoort below 1.55 level and may turn back.
AUDUSD initially broke higher during the course of the session on Wednesday, but found enough resistance near the 0.74 level to turn things back around. With that being the case, the market ended up forming a shooting star which of course is negative. If we break down below then we can reach to 0.7250 level.
The NZDUSD pair went back and forth during the course of the session on Wednesday, essentially settling for a neutral candle. This neutral candle of course shows a bit of confusion, although the longer-term charts most certainly show that there is a significant amount of bearish pressure on the Kiwi dollar. We can watch this market to get some trading opportunities.
FOREX Technical Analysis for Week AheadPosted: August 21, 2015 in Forex