EUR/USD Reversal at Resistance, AUD/USD Corrective Pattern; Charts & More
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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)
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)
For the full set of technical details and charts, check out the video above…
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---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.