Forex Market Daily Updates and Signals
Market Update:
- Aussie Dollar in consolidation mode after losing to three-month low
- Euro in consolidation mode after hitting four-month low vs. British Pound
- Euro may also correct higher after hitting two-month low vs. US dollar
AUD/USD
The Australian greenback is digesting
losses in a narrow variety after touching the lowest level in almost 3 months
in opposition to its US counterpart. The pair installed a pinnacle as
anticipated after putting in a bearish night megastar candlestick sample above
the 0.78 figure.
Near-term support is at 0.7065, the
76.4% Fibonacci retracement, with a ruin under that establishing the door for a
venture of the January 15 low at 0.6827. Rather, a reversal above the 0.7212-43
areas showed on an everyday ultimate foundation sees the subsequent upside
barrier in the zero.7300-31 location.
EUR/GBP
The Euro is consolidating in a slender
variety in opposition to the British Pound after falling to the lowest level in
nearly 4 months. The arrival of superb RSI divergence points at ebbing selling pressure and suggest
that a corrective recuperation can be within the playing cards ahead.
A push above the 38.2% Fibonacci
retracement at 0.7683 sees the next upside barrier at 0.7748, a former guide
level now recast as resistance. As an alternative, a damage of the 50% stage at
0.7549 showed on a day by day ultimate foundation clears the way for a test of
the 61.8% Fib at 0.7415.
EUR/USD
The Euro maintains to edge lower
towards the US dollar, with prices descending to the lowest stage in over two
months having crowned as anticipated close to 1.16. The emergence of
high-quality RSI divergence now pointers at ebbing downside momentum and
indicates that a recovery can be brewing ahead.
A reversal back above
guide-turned-resistance marked at 1.1215, the April 25 low, opens the door for
a test of the 23.6% Fibonacci retracement at 1.1357. Rather, destroy underneath
N the 50% degree at 1.1067 on a day by day ultimate basis clears the way for a challenge
of the 61.eight% stage at 1.0937.
Recommendation:-
BUY AUD/USD BELOW
0.7187 TGT 0.7065 SL 0.7243
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