AUD/USD: Potential Bull Flag Forming
Faraday Research | Jan 21, 2019 06:38AM ET
We take a look at the daily charts of EUR/USD, USD/CHF and AUD/USD to highlight key levels and patterns.
EUR/USD Daily
- After failing to hold above 1.15, the euro appears to be forming a corrective channel.
- Trading near the lower boundary of the channel, it could provide the opportunity to buy above support.
- Until a clear breakout is seen, range trading strategies are preferred.
USD/CHF Daily
- Prices broke out of a corrective channel, in line with the long-term bullish trend.
- Look for prices to consolidate or retrace before it resumes the rally.
- Parity and the 1.0009 high make a likely interim target, before heading for the 1.0129 high.
AUD/USD Daily
- A potential bull flag is forming.
- The 20-day exponential average is providing dynamic support.
- Use a break of the 0.7247 high to confirm a breakout. However, if bearish momentum returns it takes us back in line with the longer-term bearish trend.
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