Analysis for August 28th, 2014
EUR USD, “Euro vs US Dollar”
Bears couldn’t keep the price below the 0/8 level and the market broke it yesterday. Right now, the pair is moving between Super Trends and in the nearest future this correction may continue. The closest target is at the daily Super Trend. If the pair rebounds from it, the market may start a new descending movement.
As we can see at the H1 chart, the price is also moving above the 0/8 level. In addition to that, Super Trends formed “bullish cross”, which means that the growth (right now it’s local) may continue towards the 2/8 level.
AUD USD, “Australian Dollar vs US Dollar”
Australian Dollar is also being corrected. The price broke the 2/8 level, which may indicate a possibility of a deeper correction towards the 4/8 one. Possibly, Super Trends may form “bullish cross” during the next several hours.
As we can see at the H1 chart, the pair reached the 3/8 level and started a local correction, during which I opened a buy order with the stop loss below Super Trends. The closest target is at the 4/8 level; if the price breaks it, the current ascending movement may become more significant.
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