EURUSD – Euro/dollar consolidates after bullish surge The recent rally we’ve seen in the EURUSD stalled on Thursday and Friday as the market consolidated after Wednesday’s huge surge higher. Momentum and near-term trend are clearly still bullish in this market and this week we will look to trade in-line with the trend by watching for price action buy signals on any retrace back to support. The first support to watch is down near 1.3400 area and then further below that we see key support down around 1.3200. GBPUSD – Sterling/dollar uptrend takes a breather The GBPUSD rotated lower last Thursday and Friday as the uptrend took a breather. We could see a deeper retrace this week, and if that happens we will continue to watch for price action buy signals from value / support to trade in-line with the uptrend. The key level of support to watch for buy signals is down near 1.5750 area and we can also watch for buy signals forming in the 8 / 21 day EMA support layer. AUDUSD – Aussie/dollar retraces after large surge higher The AUDUSD exploded higher on Wednesday as the U.S. dollar suffered large losses against all the other major currencies. The market then retraced modestly lower on Thursday and Friday, which is not surprising after such a large push higher. Overall, momentum and near-term trend are clearly bullish and we will look to trade in-line with that momentum this week. We will be watching the key support zone down between 0.9300 – 0.9220 for price action buy signals this week to trade in-line with the uptrend, if this market continues to retrace lower.
Posted on: Mon, 23 Sep 2013 05:09:50 +0000
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