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.
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.
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.