Analysis for April 29th, 2016
EURUSD, “Euro vs US Dollar”
Eurodollar has rebounded from the 7/8 level, which means that it may start a new correction. The first target for bears is the H4 Super Trend and the 6/8 level. If bears break these levels and keep the price below them, the market will continue falling towards the 5/8 one.
At the H1 chart, bulls have faced resistance from the 6/8 level. Consequently, the short-term target right now is at the 4/8 level. If bears break this level and keep the price below it, the market will continue falling much deeper.
AUDUSD, “Australian Dollar vs US Dollar”
After rebounding from the 4/8 level, Australian Dollar has started a new correction. Earlier, Super Trends formed “bearish cross”. If the price is able to break the 5/8 level and stay below it during the day, the market will resume moving downwards.
At the H1 chart, the pair has rebounded from the 3/8 level twice and from the H1 Super Trend as well. If the pair stays under the 1/8 level, it will move towards the closest target at the -2/8 one.
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