Forex Analysis: GBPUSD And GBPAUD

As it stated in GBPUSDOn the daily chart, GBPUSD recovered to the 23.6% retracement from the highs of April to 1.3560 but failed to break the level. The pair is now forming a possible bear flag and a downside break of 1.3210 will likely see the pair drop to supports at 131.50 and then 1.3050. GBPAUDThe Australian Dollar (AUD) has been one of the stronger currencies over the last week so with GBP weakness the GBPAUD pair could see significant downside movement. On the daily chart, GBPAUD has failed to break the confluence of horizontal and Fibonacci resistance at 1.7960. On the flip-side, a reversal above 1.7960 is needed to change the outlook with further resistance at 1.8160.

Forex Analysis: AUDUSD

This pair has now found some support at 0.73100 and buyers have stepped into the breach to prop price up. Falling trend line support comes in at 0.71594 which is the low reached in December 2016. Resistance can be found at the 50 DMA at 0.74990 followed by the 0.75624 level. The 100 DMA at 0.75787 matches trend line resistance and will be a strong area to overcome. A break higher will initially target the 200 DMA at 0.76424 followed by the rising red trend line at 0.77170.

Forex Analysis: German 30 Index

according to The German 30 Index has moved up to test the 12600.00 area today but has had difficulty holding onto those gains. After selling off in the middle of June, the index bottomed at 12100.00 on June 28th and began retraced the move lower. A break of the 100 period MA at 12485.00 triggers the wedge and price action would look to test lower to the 50 period MA at 12446.00 and the 12375.00 level. Resistance at the wedge top comes in at 12623.60 and can point to a retest of 12650/12700.00. As earnings season kicks off bulls will want to see positive results that can take the index back to 13600.00 and new all time highs beyond.

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