Critical Levels Hold in EURUSD & AUDUSD on Friday
Price flirted with significant support on Friday, even trading below it following the higher than expected U.S. jobless numbers, before recovering slightly to keep the current weekly trends higher for EURUSD and AUDUSD. A breach of the current bull trend lines in place would threaten the pattern of higher highs and higher lows in both markets, and likely lead to a test of the September lows at approx 141.75 for EURUSD and 82.50 for AUDUSD.
One of the most interesting aspects of both markets, and USDJPY, is the possibility of the trends in place continuing and bubbling up from here, giving global investors a shot at buying dollars back at historically low prices. Imagine having a shot at buying USDJPY near 80, or selling out Euro’s near 160.00 versus the dollar?
Jay Norris
www.trading-u.com
DISCLAIMER: Futures, options and Forex (off-exchange foreign currency futures and options, or “FX”) trading involves substantial risk of loss and is not suitable for every investor. The valuation of futures, options and Forex may fluctuate, and, as a result, clients may lose more than their original investment.
Nice to see the horizontal Lines drawn on these charts, picking out previous isolated lows, a trader cannot ignore those really. In union with Trend lines they work well!
Indeed those are good ‘deals’ to Buy back the $ at those levels. Given these trends, incredible indeed. Good Insight given here. TY
Thanks Jay clear concise accurate appreciate your posting blue lines at wick extremes very informative. Thanks Pete Nash.