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EURUSD, AUDUSD - an analysis on a D1; W1 interval
EURUSD has probably established a new higher high and a re-test of the nearest support area seems possible
AUDUSD has moved within a short-term bullish sequence yet a trend over a long-term remains bearish
EURUSD has been moving within a bearish sequence since the end of April. It was ended after a successful defense of the short-term support area around 1.095 which has spurred a significant rally. Price has struggled for a while with the resistance around 1.12, we have observed a leg lower, a formation of a new higher low and an eventual breakout above the resistance. After a re-test, price has broken above the upper bound of the bearish channel and has also established a new higher high. We currently observe a leg lower which may end as a new higher low, maybe after a re-test of the nearest support area around 1.12. If a re-test is successful we may expect another leg higher possibly towards the nearest resistance, however if it ends as a new lower high, bears may once again try to dominate the market.
AUDUSD has moved within a short-term bullish sequence. We have recently observed a successful defense of the resistance area around 0.776, as a result price has moved lower, towards the nearest support area around. If a new higher low is established, the short-term bullish sequence will remain intact and we could see a leg higher. A new lower high would open the path for bears and could cause a change of the short-term trend, yet if the resistance is broken above, price could rise towards the crucial resistance area around 0.784. There are bullish reversal patterns on a daily interval yet a situation looks bearish on a weekly time frame. There is a pair of pinbars, a tweezer top and if a signal is confirmed, we may see an extensive bearish wave.
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by Angelika Fx Marker Fx
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