The AUDUSD (FXA, quote) pair went back and forth during the session on Tuesday, bouncing off of the 0.9250 level yet again. This is an area that has been extraordinarily supportive, and as a result it doesn’t surprise us that we continue to hang about.
After two days of European Central Bank (ECB) President Mario Draghi comments the EURUSD remains weighted down.
The EURUSD pair fell during the bulk of the session on Wednesday, with that, we feel that the market forming the hammer at this point suggests that the 1.37 level will certainly continue to offer support, and as a result we feel that we could very well break higher.
The AUDUSD pair fell during most of the session on Wednesday, but found enough support closer to the 0.92 handle to turn things back around and form a hammer.
The EURUSD pair fell during the bulk of the session on Wednesday, with that, we feel that the market forming the hammer at this point suggests that the 1.37 level will certainly continue to offer support,
The USDJPY pair initially fell hard during the session on Wednesday, dipping below the significant 101 level. That level has been rather supportive over the last several weeks and as a result we were a bit surprised to see that level broken through.
EURUSD’s downward movement from 1.3993 had completed at 1.3648 already, and the pair is now in uptrend.
GBPUSD’s upward movement from 1.6731 extended to as high as 1.6864.
USDJPY’s downward movement from 102.36 extended to as low as 101.10.
AUDUSD has been on a steady uptrend, as seen on the 4-hour time frame, but it appears that the rally is slowing down.
