FX Majors Overview: Bearish Trends Dominate
Faraday Research | Dec 17, 2018 04:48AM ET
Today we look at EUR/USD, GBP/USD and AUD/USD daily charts ahead of Wednesday's FOMC meeting.
EUR/USD Daily
- Friday’s close beneath the triangle consolidation pattern suggests that EUR/USD is breaking out of compression.
- An elongated bearish hammer marks the third bearish reversal pattern near the highs of a coiling formation.
- A break of 1.1216 suggests the longer-term bearish trend is ready to resume.
GBP/USD Daily
- The dominant trend remains bearish.
- Last week’s rebound failed to close back above the August low.
- Friday’s sell-off suggests a swing high could be in place, making the 1.2662/86 resistance zone a pivotal area for bulls and bears.
AUD/USD Daily
- A momentum shift at 0.7394 sees bears dominating sentiment.
- After a shallow retracement, a bearish hammer marks a likely swing high at 0.7247.
- A break of Friday’s low takes it back beneath a pivotal level (0.7160) and brings the 2018 low into focus.
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