Most vital break points, 1.0916 V 1.0715. Above rough points from 1.0794 to 1.0808. Break 1.0808 then 1.0840’s and 1.0850. Below must break 1.0761, 1.0715 and 1.0702. Bottom lines are rising. Break 1.0702 then 1.0669 next. EUR remains top heavy V its USD counterpart. 1.0669 is a range point as well as vital level. No range break for USD except 1.0984 V 1.0590. EUR/USD trades Inside USD’s big fat range.
1.0790’s are rough spots as well as 1.0809. 1.0809 must break to see 1.0840’s.
Most important break points this week for AUD is 0.7722 and 0.7629, another 100 point range.
Most important regarding 0.7700’s is 0.7796 above is a major break point in order for AUD to go significantly higher. 0.7796 is currently falling by the day. 0.7796 falling for now will help aud remain lower and at least in range. Unless or until we see a break but this point at 0.7796 won’t come easy. It will take a big event for AUD to push through 0.7796.
The above sell points are 0.7686 and 0.7695 and 0.7709.
On the bottom. Most significant is slow rise 0.7524 and slower rise of 0.7480. Both drive AUD higher but 0.7524 is significantly overbought from current price. The major points to 0.7524 are 0.7540 and 0.7542. Only a break of 0.7524 and 0.7480 would see AUD significantly lower. I don’t see this breaks anytime soon.
I see what’s happening to small ranges. AUD/USD is fighting against USD/AUD. Neither side knows which way to go and both sides are very balanced in terms of current prices. USD or AUD must make significant move to see range breaks higher or lower.
Major break points, 1.4206 to 1.3956. Most important above to go higher, 1.4147. Watch 1.4184 above as well as this is a range break point. Range breaks hold far more importance in currency trading than an everyday market trade able level. below range break 1.3884.
AUD/EUR. Major break points 0.7039 to 0.7165. Most important 0.7113 = EUR/USD at 1.4058. And 0.7068 = 1.4148.
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Brian Twomey, Inside the Currency Market, btwomey.com