GBPUSD moved sideways in a range between 1.5874 and 1.6226. As long as 1.6226 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 1.6524, and another fall to 1.5600 area could be expected after consolidation.
EURUSD fell initially during the session here on Thursday, but ended up forming enough positive momentum towards the end of the day to form a little bit of a hammer.
The AUDUSD pair tried to rally during the course of the day on Thursday, but found the 0.88 level be far too resistive and therefore turned back around and form a shooting star.
GBPUSD failed to break above 1.6226 resistance, and stayed in the trading range between 1.5874 and 1.6226.
The AUDUSD pair tried to break out above the 0.88 level yet again, but on Wednesday found the sellers more than willing and up to the task of keeping the markets down.
The last few days have been interesting ones for crude oil (USO, quote) traders, with the commodity mirroring the volatile price action and associated volume profiles of related markets, and suggesting in turn, that we may be approaching a pause, and possible bottom to the current bearish trend.
The AUDUSD pair did almost nothing during the session on Monday, testing the 0.88 level above for resistance.
The recent rally for soft commodities appears to have stalled once again last week, as improving weather conditions across the US mid West allowed harvesting to get back on track with the forecast for a record crop now back in focus.
GBPUSD remains in downtrend from 1.6524, the price action from 1.5951 is likely consolidation of the downtrend.
EURUSD is moving in a short-term uptrend since the ascending trend channel on its 1-hour time frame is still holding.
