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FX Majors Overview: Turkish Rout Shook Global Markets

Published 08/13/2018, 05:46 AM
EUR/USD
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AUD/USD
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USD/CAD
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The Turkish rout shook global markets last week with sentiment continuing to sour early Asia today. With several markets breaking key levels, we look at the daily charts of EUR/USD, AUD/USD and USD/CAD for potential setups.

EUR/USD

  • Friday’s close confirms a bearish triangle with a target just above the June ‘17 lows.
  • Bias remains bearish whilst beneath 1.1500.
  • A break of 1.1312 brings 1.1119/33 lows into focus.

EUR/USD Performance Chart

AUD/USD

  • Bearish trend resumes following a close beneath key support (May ’17 low / Fibonacci level).
  • The prominent swing high at 0.7453 keeps the bearish channel intact.
  • Focus shifts to the 0.7148/63 lows and the lower channel.

AUD/USD Performance Chart

USD/CAD

  • Friday’s close above March’s high shows short-term momentum has realigned with the bullish trend.
  • A corrective channel could provide interim resistance.
  • Ultimately we’re looking for a move towards the 1.3290 and 1.3385 highs.

USD/CAD Performance Chart

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