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EUR/USD: Bearish Triangle Breakout Remains In Play Below 1.1500/10

Published 08/20/2018, 05:31 AM
EUR/USD
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GBP/USD
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AUD/USD
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Since last week the USD has retraced from its highs, allowing some crosses to recoup losses. The question now is whether dominant trends will now resume, or near-term momentum will spoil the picture. We take a look at EUR/USD, GBP/USD and AUD/USD daily charts.

EUR/USD Daily

  • A bearish triangle breakout remains in play below 1.1500/10.
  • The triangle targets just above the June ’17 lows).
  • Currently retracing from the 1.1312 lows, we’re seeking price compression before a short trade.

EURUSD Daily

GBP/USD

  • Cable has seen a minor retracement since breaking beneath the Aug ’17 low.
  • Trend remains bearish below 1.2827, with bears likely to target 1.2589.
  • Further compression preferred whilst RSI is below 30 and prices reside around the lower Keltner.

GBPUSD

AUD/USD

  • The bearish trend remains confined within its channel.
  • Near-term momentum is bullish although the original breakout zone is acting as resistance.
  • Bears to target the Dec’ 16 lows whilst 0.7311/0.7329 holds as resistance.

AUDUSD Chart

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