AUD/USD: Still bearish but crosses looking friendlier
- AUD/NZD: Possible double-bottom with neckline at 1.1725 (see chart).
- EUR/AUD: Another weekly close below important 1.4400 resistance (see chart).
- AUD/USD: Bear trend still in total control and weak weekly close does nothing to dampen the bears enthusiasm.
The market wants to sell this pair still but I am sticking strongly to the view that this is a short-term fad which will soon run out of momentum. But I’m not willing to make any large bets against the trend just yet.
Monday already??? 🙁 I am not over Friday yet!) 😉
I still like the potential head and shoulders topping pattern in the EURAUD but a little less given the reaction to NFP – my rad of it can be found here (or by clicking my name) http://supercyclebear.blogspot.com.au/2013/07/potential-head-and-shoulders-set-up-in.html
Hi James, I like my H&S to be close to perfect as it is a major reversal pattern. This one is way too imperfect for my mind
OK Thanks. I agree it is messy but it seems to fit right to my mind and the fundamentals too. (AUD sold off more than EUR and now I expect a catch up).
Don’t disagree with the sentiments at all James, just the shape of the formation, much prefer the double-top possibility
I fancy the double top as well and given the situation is aud crosses it might just come true. Waiting to short around 13900