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EUR/GBP, AUD/USD Short Entries Sought

EUR/GBP, AUD/USD Short Entries Sought

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 put in a bullish Piercing Line candlestick pattern above support in the 0.8583-90 area marked by a horizontal pivot dating back to mid-February and the 38.2% Fibonacci retracement. Near-term resistance is at 0.8636, the 23.6% Fib, with a break above that exposing the July 17 high at 0.8710. Alternatively, a reversal below support eyes the 50% level at 0.8553. The weekly chart seems to outline the makings of a short trade setup but 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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