A Brief Retracement for NZD/USD

The NZD/USD pair is very bullish, but that hardly means that there would be no retracements and pullbacks on its way north. The pair is at the beginning of just one such retracement, considering the daily time-frame – the pair has formed a very clear hanging man candlestick on that time-frame, right at the resistance at 0.7455. For now the first possible target to the downside for the pair is around 0.7380, but a breakout below that level could lead to a further drop towards 0.7345, which is the (MA)89 indicator on the four-hour time-frame. On the other hand, should or when the move to the upside continues, the closest target after a breakout above the last high at 0.7457 will likely be around 0.7480, which is the previous high.

EUR/USD Found Some Resistance at 1.1680

EUR/USD has been moving to the upside for the past month or so, and while the trend remains very bullish the pair found some resistance at 1.1680 and bounced off from that level after forming a number of candlesticks that indicated such a move to the downside, namely a pair of shooting star candlesticks, a clear doji and a hanging man candlestick, all formed on the four-hour time-frame. The move to the downside continues for now and its first target on the way down will likely be at 1.1600, a support that coincides with the (MA)89 indicator on the one-hour time-frame. A breakout below that level could likely lead to a further drop towards 1.1550 – 1.1500 again.

AUD/USD Found Some Resistance at 0.7990

AUD/USD formed a rather spectacular rally for the past two weeks, rising from 0.7580 to 0.7990, but the pair finally found some resistance at the aforementioned 0.7990 level, formed a spinning top candlestick on the daily time-frame and bounced off from it. AUD/USD is currently consolidating above 0.7875. Whether the pair will succeed in breaking out below that support before the market closes this week is uncertain, but a possible breakout, regardless of its timing, could lead to another move to the downside towards the next major support level at 0.7770, which coincides with the (MA)89 indicator on the four-hour time-frame.