Weekly review of three pairs | 30 May 2014

EUR/USD


Monthly chart: here is a rather active bearish attack which promises that price will move at least to the middle Bollinger band (1.3312). If this area is confirmed, a Southern Over&Under will be formed (blue arrow, start from1.3950).


Weekly review of three pairs


Weekly chart: a local support is based at 1.3515 ( the bottom Bollinger band), where O&U will be formed as well.


Weekly review of three pairs


Day chart: Inside Bar was recorded at the closure of the week. Thus, we also see a strong potential for decline to 1.3515.


Weekly review of three pairs


Conclusion: so, we are waiting when area 1.3515 will be touched, and return to 1.3950, from where a full scaled decline of Euro may start from in the middle run.


GBP/USD


Monthly chart: the pair is a one step from attack of resistance 1.7150. Upon that a necessity of a roll back to support 1.6012 ( the middle Bollinger band).may be shown.


Weekly review of three pairs


Weekly chart: support 1.6641 still has the structure of uptrend. Below a danger of Over&Under will be shown as decline to 1.6323 progresses. Target is 1.6012.


Weekly review of three pairs


Day chart: flat channel 1.6751-1.6945. With current ADX level, it can stay as it is. Breakthrough below would lead to bearish behavior.


Weekly review of three pairs


Conclusion: flat 1.6751-1.6945 is the main plan. Another option is to break 1.6751 and go down to 1.6641. On this level, both options with upward movement and decline to 1.6323 are possible.


AUD/USD


Monthly chart: bears have rolled back to the area of 50%  (April pin) and now it is likely for a downward wave to 0.8346 to begin.


Weekly review of three pairs


Weekly chart: once oscillator received convergence, we witness a downward correction. In front of it, there are two supportive levels - the middle Bollinger band (0.9084) and 0.8676 (the bottom band). As long as the price keeps these levels, bulls will have chances for reversal. Moving below activates scenario of decline to 0.8346.


Weekly review of three pairs


Day chart: support 0.92 can throw the pair away to the upprt band (0.94). Movement below supportive line will also attract bears.


Weekly review of three pairs


Conclusion: a main plan is to move below 0.92, decline to 0.9084 and possibly to 0.8676. Another option is the flat 0.92-0.94.

Aleksey Panasenko
FreshForex Analyst
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