By Mexgroup.com
AUD/USD Seems Exhausted
Price is trading below the 0.7950 psychological level and looks a little overbought on the short term. Has retested a dynamic resistance and now could decrease if the dollar index will stay above the 92.94 previous low.
AUD/USD is still trading in the green on the short term, it maintains a bullish perspective as long as is located above a major dynamic support. Price is signaling an exhaustion and could come down to retest a support before will try to climb much higher.
Price is driven by the technical factors as we have a poor economic calendar. Technically could slip lower on the short term if will fail to close above the 0.7962 previous high. Right now is very important to see what will happen on the USDX, which is under bearish pressure on the Daily chart.
It is pressuring the median line (ml) of the minor ascending pitchfork, a failure to close above stabilize above will send the rate tumbling on the short term. The rebound towards the median line (ml) was expected after the failure to retest the lower median line (lml), but the false breakout above it shows an overbought. Could come down to retest the median line (ML) of the major ascending pitchfork and the lower median line (lml). The perspective will remain bullish as long as is trading above these levels, but a valid breakdown will confirm a major drop.
Free Reports:
EUR/JPY Is The Retreat Completed
Price has found strong support right below the median line (ml) of the minor descending pitchfork and now has come back to retest some resistance levels. Right now is pressuring the inside sliding line (SL), could come to retest also the upper median line (UML) of the major ascending pitchfork. Actually, it could be attracted by the confluence area formed at the intersection between the UML with the upper median line (uml) of the minor descending pitchfork. The outlook is bearish as long as is trading within the descending pitchfork’s body.
EUR/CHF Bounced Back
EUR/CHF was rejected by the upper median line (uml) of the minor ascending pitchfork and by the WL3 of the major descending pitchfork. Is almost to reach the first upside target from the WL2, where he may find resistance again. We have an important target also at the WL4, is hard to believe that will take this out at this moment.
By Olimpiu Tuns
Market Analyst
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The post Daily Market Report – AUD/USD Losing Bullish Movement August 22, 2017 appeared first on mexgroupblog.
