FXHFT - Daily Market Analysis

[FXHFT]

AB=CD and 38.2 cap the recent run higher in Aussie

AUDUSD Weekly



The bears have taken out the 61.8 fib at 0.79440 but there has been limited follow through so far after the initial 100 pip dip below this level, the Aussie is seeing some profit taking now with the market back above the 61.8 fib.

AUDUSD H1



Medium term bears have been seen selling into the recent strength on the AB-CD (Light blue) and 38.2 fib that coincided at 0.80150/250. As long as the bears can keep the market below this level the selling pressure is likely to pick up again, however a break above the 0.80250 high will see some further profit taking.

* A 1:1 refers to a current correction being equal in length to a prior correction

 

[FXHFT]

EURUSD: Bears selling into important resistance

EURUSD H4



Bears have been selling into the important 1:1 (Yellow) and 23.6 fib that coincided at 1.14440. If this level can continue to attract solid selling interest the bears will look to target stops below the 1.10750 low, however a break back above the 1:1 (Yellow) and 23.6 fib high will see short covering pick up.

Selling intraday rallies bellow 1.14400 and buying intraday dips on a solid close above 1.14500 are the best plays going into weeks end.

* A 1:1 refers to a current correction being equal in length to a prior correction

 

[FXHFT]

Trade update for Gold

GOLD M15

I mentioned the importance of the 1:1 (Yellow) and 23.6 Fib that coincided at 117450/75.50 in yesterdays report.

Gold tested this level and began to sell off almost immediately with the market closing 85 ticks below the 1:1. Traders have continued to sell gold throughout the Asian session taking out the overnight low with the market now 140 ticks below 1175.50.

Gold is now seeing some profit taking kick in on the S2 support level. Now would be a good time to move stops to break even and look to take some off the table.

* A 1:1 refers to a current correction being equal in length to a prior correction