Analysis for August 07th, 2014
AUD USD, “Australian Dollar vs US Dollar”
AUDUSD has pulled back from daily Supertrend, my take-profit order for short-term long trade was executed. Support is also provided by 3/8 level. It’s not excluded that decline would be resumed and price will break out 0/8 level and enter «oversold area».
At H1 chart we might see that Supertrend lines are influenced by the «Bullish cross». However, there is a significant probability of acceptance below those lines, which can be a signal for entry.
EUR GBP (“Euro vs British Pound”)
This pair was unable to hold above 5/8, but also it was unable to hold below Supertrend lines that have formed «bearish cross». If price will break 3/8, odds are high that 0/8 level can be visited.
At H1 chart market is trading between all levels. As pullback from 3/8 has occurred, 5/8 level can be tested as well. In case price pulls back from this level (5/8), it can be a trigger for a new bearish rally.
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