$AUDUSD After pushing past 0.78, which should now be major support, AUDUSD has consolidated to form a handle, with support at 0.784 and resistance at 0.791. A smaller handle, within the larger one, is bound by 0.786 and 0.789. Technicals are a little mixed, given the flat-line of the 50-MA and MACD. However, momentum has broken upside from its range, suggesting price might follow soon with a break of 0.789. Could be a scrappy afternoon ahead, so bullish or bearish trades will need room to breathe.
$SPX Some levels to watch with durable goods released at 12:30 today. General downward channel, but bound by 2085 support and 2115 resistance, with minor support at 2091 and minor resistance at 2108. Technicals in the process of recovery from bearish conditions. Still work to do before either can be considered bullish; will probably require an upward channel break to confirm. Bearish cross between 50- and 200-MA on 30-min chart also a concern. Might be a scrappy few days ahead for the S&P, even if Durable Goods data triggers a response.
$DAX Convergence of both support and resistance just below 12000 serves up key moment for index. Activity around this level marks both a test of a (larger) descending triangle, off a ‘bull flag’ in the near term. A cluster of support at 11818/39 offers an additional opportunity for bulls should the current challenge on 12000 fail. The big picture is for a move to 12500s, but one step at a time. Technicals offer strong bullish momentum, against a weak ‘sell’ signal in the MACD.
$EURUSD Yesterday’s sharp reversal following a big day of economic announcements had looked to put the kibosh on the post-FOMC rally. However, buyers dug in at 1.09 and were able to hold that into today’s session. Current action looks to be shaping a handle, bound by 1.09 and 1.10 above. Additional resistance lurks at the spike highs of 1.1029 and 1.1046. A nice ‘bull flag’ is taking shape on 30-min chart, which should offer enough to see a break higher and challenge of 1.10s. If not, watch action on test of 1.09; the greater the number of tests, the greater the chance for its failure. Technicals favour bulls with strong bullish momentum, with a ‘weak’ buy in the MACD.
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