EURUSD – Euro/dollar consolidating at near-term support
The EURUSD rotated down to support near the 21 day ema and 1.1690 area last week. We remain bullish on this pair and we can see several bullish tailed bars have formed last week at this near-term support area. Aggressive traders may consider long entries near current levels but more conservative traders may want to wait for a larger pull back and more obvious buy signal before entering long. Key support is at 1.1450 and 1.1300 area and we remain bullish whilst above that support.
AUDUSD – Aussie/dollar pulls back to key support / previous breakout area
The AUDUSD has retraced lower over the last two weeks, but the trend is still up and price bounced up from 0.7830 last week – a level we discussed looking to buy from in our last weekly outlook. Notice the bullish pin bar that formed last week on the weekly chart below, this signal formed after a retrace down to the previous resistance / breakout near 0.7830 – 0.7748 which is now acting as key support. We see the potential for upside in this market in the coming days and weeks and can continue to look buy on weakness this week whilst above 0.7748.
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