Analysis for November 28th, 2014
EUR USD, “Euro vs US Dollar”
Eurodollar is still being corrected; the market is trying to stay below the H4 Super Trend. The closest target is at the 4/8 level. After reaching it, the market may start a more serious pullback.
As we can see at the H1 chart, the pair has rebounded from the 6/8 level, which means that the main downtrend may resume quite soon. Super Trends have formed “bearish cross”. I’m planning to increase my position as soon as the pair breaks the 3/8 level and stays below it.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar continues moving inside the downtrend; the market has been able to stay below the 4/8 level and right now is trying to break the 3/8 one. Earlier, during a local correction, I opened another sell order; the stop loss has already been moved to breakeven. If price is able to stay below the 3/8 level, the market will continue moving downwards.
The lines at the H4 and H1 charts are completely the same. The pair is supported by Super Trends. If later the price breaks the 3/8 level, the market may continue falling towards the 1/8 level or even the 0/8 one.
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