EURUSD is consolidating, on the daily chart we note the 13 count and this is a red warning flag for the down move and very near term but for now no resistance of note has been overcome and we are holding shorts.
Initial resistance is the 1.1640 accelerated downtrend and we would allow for this to be challenged. Last week the market registered a weekly close below the 1.1640 2005 low and this introduces scope to 1.1210 then 1.0835 longer term, both are long term Fibos.
Current position: Short 1.1665. Recommended trade: Lower stop from 1.1720 to 1.1680. Exit 1.1475.
AUDUSD the market is capped by the 5 month downtrend, at .8236 and has eroded the 20 day ma thereby reasserting its downmove. While capped by the downtrend, the short term risk is for a slide to the recent low at .8034. There is scope for the long term double Fibonacci support at .7950/30. We note the 13 count on the weekly chart and this suggests that .7950/30 is likely to hold the initial test.
Current Position: Square. Recommended Trade: Sell at market, add .8115, stop .8235. Exit .7950.
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