AUD/USD and AUD/EUR Weekly

 

AUD/USD 86 pip range this week is located from 0.7458 to 0.7544. AUD/USD highest achievable price above 0.7544 is 0.7562 and reaches this destination by 0.7548, 0.7552 then 0.7562.

But 2 vital break points forces AUD/USD lower and sustains upper correction: 0.7532 and 0.7581. Both must cross to go higher yet both points could take AUD a bit lower. A bit lower means 0.7450’s and prices in this vicinity will struggle to go lower and struggle to remain at these levels for any period of time. At 0.7450, upper points drop to 0.7531 and 0.7578.

AUD/USD is not only highly oversold from 0.7581 but AUD finally warns a big move is ahead and the big move should go far higher. Lower for AUD will move very slow due to oversold. Upper and highest  target above 0.7581 is first at 0.7621.

 

AUD/EUR 80 pip range is located from 0.7128 to 0.7048. Most vital and recent break points are located at 0.7090, 0.7082 and 0.7079. EUR/AUD closed at 1.4108 and still must break lower at 1.4106.

Vital points to watch in AUD/EUR are 0.7095,0.7080, 0.7073 and 0.7102. AUD/EUR’s trade around its break points over the past few weeks particularly 0.7079 allowed AUD/USD to break 0.7600. AUD/EUR is neither oversold or overbought instead its directly trading around its break points yet this pair alone is best to offer direction to AUD/USD.

 

Brian Twomey

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