News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
More View more
EUR/USD Reversal at Resistance, AUD/USD Corrective Pattern; Charts & More

EUR/USD Reversal at Resistance, AUD/USD Corrective Pattern; Charts & More

Paul Robinson, Strategist

The Euro is at risk near-term as resistance clearly looks formidable based on the price action we saw last week. The reversal on Friday came at the confluence of the 200-day, September 2018 trend-line, and peaks from Oct/Nov. The strong reversal suggests after the current minor retracement we will see EUR/USD weakness again. With some time we could see an ascending wedge form, but for now running with a near-term downward bias.

EUR/USD Daily Chart (rejected at resistance)

EUR/USD daily chart, rejected at resistance

EUR/USD Charts by TradingView

AUD/USD can’t sustain a rally, and on that it is continuing got build what looks like a corrective wedge formation since bottoming in the late summer, early fall. The 200-day and October high are keeping a lid on any further advancement. The downturn has the trend-line off the October low coming into focus. A little more backing-and-filling could see a full corrective wedge form and a material price decline develop early in 2020.

AUD/USD Daily Chart (corrective wedge looks to be developing)

AUD/USD daily chart, corrective wedge looks to be developing

AUD/USD Chart by TradingView

For the full set of technical details and charts, check out the video above…

Resources for Index & Commodity Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, and trading guides to help you improve trading performance.

We also have a series of guides for those looking to trade specific markets, such as the S&P 500, Dow, DAX, gold, silver, crude oil, and copper.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES