EURUSD-AUDUSD Asian

Hello Trader,

 

This is just a “heads up” opinion of what I’m observing since the NY session started today.

 

The EurUsd (EU) topped out @ 1.2730 and then fell to 1.2624. We had a target in the room around 1.2605. If you’re watching during the Asian, and IF the low is in place, then plot fibs from the abovementioned swing hi/lo. IF price re-approaching the 382 of that move, I’ll be looking for a “bounce” lower.

 

Watch your 6Aces chart should that happen and a potential confirmed setup for a resumption to the downside. Should price fall lower than 1.2624, then re-plot the fibs and look for the 6 Aces what would be a lower 382 fib.

 

Additionally, the GbpUsd and AusUsd are potentially setting up for neckline breakdown of a head and shoulders pattern seen on the 240 chart. I’ll go over it in the room tomorrow. But IF prices do break on those last two pair, they should present some nice downward targets.

 

Great Trading to you.

 

 

 

 

 

Nick Kanger

Chief Currency Analyst

CTAP LLC