EUR/AUD intraday technical levels and trading recommendations for August 28, 2014

By breaking down the price level of 1.5050, the bears confirmed a long-term Head and Shoulders bearish reversal pattern. The bears managed to break down to 1.4950, then 1.4730 corresponding to 50% and 61.8% Fibonacci levels. Two bullish spikes were expressed above 1.4950 (50% Fibonacci level on the daily chart) took place.

Top Trade Idea For August 28th, 2014 – AUDUSD

For the audusd pair there is still trouble ahead as the path of least resistance seems to be still to the downside and not the upside like recent price action might indicate. The thing is that the pair is consolidating for the last 5 months around 0.95 and 0.9300 levels, so 200 pips range that tells everything about what summer trading means. However, things are about to change as we’re getting closer to the Fed ending the tapering and probably with the Fed rising the rates sooner than expected.

USD/CAD intraday technical levels and trading recommendations for August 27, 2014

Since the USD/CAD pair failed to show enough bullish momentum above 1.1200 during the last visit on March 20, the pair has been downtrending within the depicted bearish channel, which managed to push towards the price zone between 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) where a prominent congestion zone was established. Bullish rejection was expressed at retesting the lower limit of the bearish channel around 1.0630 (It’s the origin of the previous bullish impulse initiated in December 2013 as well). This enabled the bulls to achieve a bullish breakout off the depicted channel