EUR/USD: Signs Of Bullish Trend Without Disruptive Noise
Alexandros Yfantis | Aug 29, 2017 04:59AM ET
EUR/USD
Ahhhh I remember the days when everyone’s second word in forex trading was parity, now what? EUR/USD has been riding the bullish channel for quite some time with very clear signs of a bullish trend without any disruptive noise.
There are some divergence signs providing a warning. Important trend change level is at 1.1725. Breaking below it will confirm trend change. For now there is no signal of a trend reversal in process.
GBP/USD
Having broken a medium-term trend line resistance to the downside, price has bounced to back test the broken trend line.
Price has also reached the 38% Fibonacci retracement resistance. I do not feel like the upside correction is over. However I believe the highs in GBP/USD are not going to be broken for a long time. I believe these highs are long-term ones. This bounce is very important as I believe it will produce a great selling opportunity.
USD/CAD
The bounce in USD/CAD is shallow and not complete according to my view. I believe we will see a double bottom formation and a bounce towards the 38% Fibonacci retracement. The decline in oil prices should support this bounce I’m expecting.
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USD/JPY
USD/JPY has broken below 108.80-109 support and combined with the cloud rejection we expect price to move at least towards 107.50.
NZD/USD
Has reached 50% Fibonacci retracement and is back testing the broken trend line. Has the potential to bounce strongly from current levels but there is no reversal sign yet.
AUD/USD
Cloud support held and successfully back tested. Time for more upside towards 0.80-0.81.
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