Correcting lowerThe EURUSD last week stalled in region that has been a swing area going back to Feb 2015. However, the swing high from September and the more important post US election high from back in November 2016 at 1.1300 remains as a key support level. The high reached 1.1445 on Thursday. Since then, the price has wandered lower over the last three trading days and reached a low today of 1.1335 - only 110 pips from the high. On the move lower, the price has been able to move below the high from August at 1.13657.
as declared in Tests post Carney corrective lowLast week, BOE Carney surprised the market with some hawkish comments that sent the GBPUSD sharply higher. The corrective low on that day reached 1.2915. The low today reached 1.29125. That area was also near the swing high from Jan 26th at 1.2860. A move below that level will look toward a lower trend line cutting across near 1.2901 and the 200 hour MA and 38.2% of the move up from the the June 21 low coming in at 1.2858 (200 hour MA) and 1.28605 (38.2%) respectively.
as declared in
Forex technical analysis: AUDUSD stays below topside resistance in London
Earlier in the day, that MA was broken - the low reached 0.7591 - but there were no closes below that MA line. The AUDUSD moved the most vs. the USD today but most of that came after the RBNZ rate statement. On the topside, the 200 hour MA at 0.7620 and broken trend line at 0.7623 is close resistance. In London and the US session, the price consolidated near the low levels. If the sellers are looking to take more control after the RBA more dovish comments, this level should hold on a test.
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