AUD/USD Shows Bullish Tendencies
ICN.com | Aug 19, 2014 06:45AM ET
The EURUSD dropped and failed to hold above 1.3375; bearishness sharply affected chances for upside action and possible bearish continuation formation is seen and will be confirmed with a breakout below 1.3330.
We will remain on the sidelines for now with trading between 1.3330 and 1.3375 especially after many attempts to breach the range higher but was held by 1.3400-20 resistance areas. A breakout below 1.3330 will trigger a new short wave for the pair.
The pair continues to trade positively since rebounding to the upside from areas around 23.6% correction as shown on graph. We can bet on the upside move depending on stability above 1.6700 but we shouldn’t ignore the fact that the downside move over intraday basis might be seen again with the breakout below 1.6665 while a break of 1.6625 will fail any upside attempt.
From above, the extension of the upside move depends on ability to hold above 1.6800 resistance; failure to breach higher will revive the downside move again.
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The pair has showed bullish tendencies after being supported by moving averages and stability above 23.6% Fibonacci retracement as explained in our weekly report. Eyes should be now on 0.9370, as a break above this level will expose 0.9500 over upcoming sessions. On the downside, penetrating 0.9275 will give us a rational reason for concern.
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