Analysis for December 2nd, 2014
EURUSD, “Euro vs US Dollar”
Eurodollar is still moving inside a correctional pattern, flat. The market is trying to stay below the H4 Super Trend. Probably, during the next several hours the price may break the 0/8 level and then continue falling inside “oversold zone”.
The pair’s attempt to break the 3/8 level failed. Considering that Super Trends are still influenced by “bearish cross”, the price may resume falling towards the 0/8 level. I’m planning to move the stop loss on my current sell order to breakeven as soon as the market breaks the minimum.
AUDUSD, “Australian Dollar vs US Dollar”
In case of Australian Dollar, the downtrend is still in effect. The market was supported by the H4 Super Trend and right now is trying to stay below the 3/8 level. I’m holding my sell order with the stop loss above a local maximum.
As we can see at the H1 chart, yesterday the market wasn’t able to stay above the 3/8 level. Right now, the pair is moving below Super trends again, which means that the downtrend may resume. Possibly, the price may break the 0/8 level in the nearest future.
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