USD weakness slowing in the short term

Good morning everyone,

I have attached a 10 minute chart of the Euro for you to take a look at but there is a similar formation happening with the AUDUSD as well which may be worth a look. As you can see on the chart, the rally in the EURUSD is finding resistance at around 1.3065 with the rate bouncing of that level now for a third time.

At this stage the price seems to be entering into something of a short term channel which may see traders hold fire for the moment but what will be interesting to see if the break of this channel in either direction can develop into a new short term trending movement. Given the recent volatility you would expect choppiness to continue but in any case the rush of big news has really injected some movement into price across the asset classes.

All the best,
DL.

This entry was posted in Forex, Market, Trading and tagged , , , , , . Bookmark the permalink.

1 Response to USD weakness slowing in the short term

  1. dv34 says:

    I hope AUD rallies short term because I am set to sell it at 102.60 stop 102.81 targets between 101.50 and 102.10 based on short term – I think monthly is hinting at possibly moving down to 0.97 longer term..

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