EURUSD: Bias remains bearish whilst beneath 1.1500

Matt Simpson, CFTe, MSTA CityIndex

The Turkish rout shook global markets last week with sentiment continuing to sour early Asia today. With several markets breaking key levels, we look at the daily charts of EUR/USD, AUD/USD and USD/CAD for potential setups.

EUR/USD

Friday’ close confirms a bearish triangle with a target just above the June ‘17 lows.
Bias remains bearish whilst beneath 1.1500.
A break of 1.1312 brings 1.1119/33 lows into focus.

AUD/USD

Bearish trend resumes following a close beneath key support (May ’17 low / Fibonacci level).
The prominent swing high at 0.7453 keeps the bearish channel intact.
Focus shifts to the 0.7148/63 lows and the lower channel.

USD/CAD

Friday’s close above March’s high shows short-term momentum has realigned with the bullish trend.
A corrective channel could provide interim resistance.
Ultimately we’re looking for a move towards the 1.3290 and 1.3385 highs.

Author

Matt Simpson, CFTe, MSTA

CityIndex

Matt Simpson is a certified technical analyst who combines charts and fundamentals to generate trading themes.

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