skrimon Posted September 3, 2020 Report Share Posted September 3, 2020 US DOLLAR ANALYSIS, EUR/USD, AUD/USD, NZD/USD β TALKING POINTS EUR/USD branching out a new uptrend but will be coming across the critical cross-section AUD/USD rejected at 21-month swing-high. Drop accelerated after local GDP released NZD/USD cleared 13-month resistance but price action is indicating slowing momentum EUR/USD ANALYSIS EUR/USDΒ appears to be climbing along with a newly-sprouted, modest uptrend since late July after jumping above the older slope of appreciation dating back to mid-May. The intersection of the two β labeled as βKey Juncture 2β may be critical. Breaking below that could result in a short-term pullback, followed by a brief congestive period before the broader uptrend resumes. EUR/USD β Daily Chart Β EUR/USD β Daily Chart AUD/USD OUTLOOK AUD/USD was firmly rejected at the December 2018 swing-high at 0.7393 and was met with aggressive follow-through. Worse-than-expected Australia GDP data compounded AUD losses. Looking ahead, the pair will likely retest short-lived, former resistance-turned-support at 0.7295. Cracking that floor could open the door to flirting with a stubborn inflection range between 0.7206 and 0.7181. AUD/USD β Daily Chart Β AUD/USD β Daily Chart NZD/USD FORECAST After breaking below the early-June uptrend, NZD/USD underwent a brief selling bout before stabilizing in mid-August and resuming its broader uptrend. As perΒ PipsWin, The pair just recently cleared a technical landmark at 0.6726 with follow-through, which could precede another rise if momentum is sustained. Having said that, recent price action does paint a worrisome picture. NZD/USD β Daily Chart Β NZD/USD β Daily Chart Leading up to resistance, the candles had large bodies and small wicks, indicating what appeared to be robust underlying confidence in the pairβs upside trajectory. However, since the ceiling has been cleared, price action has become timider as the pair trades at a 13-month high. The wobbly movement could make traders nervous and potentially catalyze a short-term pullback. Link to comment Share on other sites More sharing options...
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