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Waiting for AUD/USD, EUR/GBP Shorts

Waiting for AUD/USD, EUR/GBP Shorts

Ilya Spivak, Head Strategist, APAC

AUD/USD broke higher as expected, taking out resistance at the top of a falling channel set from April and hinting a significant correction upward is ahead. Buyers now aim to challenge the 23.6% Fibonacciretracement at 0.9371, with a push above that exposing the 38.2% level at 0.9602.Near-term support is at 0.9035, the July 3 low. I will look to enter short following the bounce pending technical confirmation of ebbing bullish momentum.

See AUD/USD Chart Here

EUR/GBP is testing support in the 0.8583-90 area marked by a horizontal pivot dating back to mid-February and the 38.2% Fibonacci retracement. A break below that aims for the 50% level at 0.8553. Near-term resistance is at 0.8636, the 23.6% Fib. The weekly chart seems to outline the makings of a short trade setup, though confirmation is absent for the time being. I am monitoring the pair for a short entry opportunity.

See EUR/GBP Chart Here

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