In today's post, we will update some of the pairs that have reached stages where we need to take an update so that we can track their movement more accurately.
we will talk about the EUR / USD and the AUD / USD and maybe I will add more during the day, but first let's take a look at the economic calendar.
Today's economic events:
As we can see, we have some important news about the Australian dollar, which I was expecting to give a strong push to the pair to reaches the bullish targets according to the technical analysis of the AUD/USD but that didn't happen, and in addition to that, we have news about the US dollar that will determine the path of the EUR / USD today.
EUR / USD technical analysis :
Regarding this pair, it has moved as expected in the previous analysis so far, as it continued moving towards the resistance level 1.1989 without visiting the support level 1.18345.
We are now facing the possibility of forming an inverted head and shoulders pattern, where resistance 1.1989 will represent the neckline, On the H4 frame, we note that there is a possibility of divergence between the MACD indicator and the price, but that is still not confirmed as the indicator has not yet given a crossover signal.
In this case, selling is not recommended because, as we said in the previous analysis, the pair may be bullish in the medium term, so if the divergence is confirmed, this will mean that we have to wait for the price to visit the support level 1.1989 and look for a signal to buy from there, whereas, a crossover in the MACD indicator above its previous high will indicate the continuation of the bullish movement.
AUD/USD Technical analysis:
In a previous post, we set two bullish scenarios for the pair, and as we can see from the charts, the price has already created an inverted head and shoulders pattern, although it did not reach the required support level.
the pattern was confirmed after the neckline was breached (According to the classic method), although I believe that this pattern was confirmed before that when the price breached the downward trend line on the H4 frame.
As for the targets of this bullish movement, it will be resistance levels 0.783161 and 0.80000, but when the pair reaches the first target, we will need to monitor price behavior because it has rebounded from this level twice before, and it is not ruled out that this will happen again, and of course the breach of the level will confirm the continuation of the upward movement towards Next resistance level is at 0.80000.