Analysis for November 26th, 2014
EUR USD, “Euro vs US Dollar”
After rebounding from the daily Super Trend several times and staying below it, Eurodollar attempted to resume growing, but moved downwards a little bit and started another correction. If the price is able to stay below the H4 Super Trend, the market will continue falling. 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, Super Trends have formed “bullish cross”. However, the pair has rebounded from the 5/8 level twice, which means that it may resume falling. 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.
As we can see at the H1 chart, the lines have been redrawn. 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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