EURUSD
Today’s gains overcame local resistance and breaking the top of the consolidation defeated the line of the previous downward trend. We can see a downward correction and in near future we expect a re-test of support around the level of 61.8%, or further 70.7% Fibonacci correction of today’s gains. The rejection of this zone could be the signal for continuation of growth in the level of 1.0960.
USDJPY
Most of the day we watched price moving in consolidation, which in the end after rejection of the lower limit and the growth trend line broke thru top of the range. If in the near future supply does not negate the breakout, then we can expect continuation of growth close to yesterday’s highs and the level of 104.85.
AUDUSD
Today we saw a strong appreciation of the Australian dollar, which was caused by positive data published at 2:30 a.m by the Australian Bureau of Statistics. Inflation rate of consumer CPI for the third quarter proved to be not only better than the previous but also better than optimistic forecasts.
During the second part of the day we observed declines and even though they are far less dynamic than growth in the night. It’s hard to state clearly that this is merely a correction. Currently the market is re-testing the support area around the level of momentum 50% Fibonacci correction of the ongoing growth from yesterday and the growth trend line. The rejection of this level would be a signal to continue growth at least to the level around 0.7726.
