Yesterday the number one topic was macro data from the UK and the BoE Carney’s speech. Reading were worse than expected, and the press conference deepened the negative sentiment even stronger, changing the markets attitude to the pound sterling. Euro is still weak – these two currencies are the heroes of today’s PA setups review:
EUR/AUD:
Currency pair after support break is on the lowest levels since 2013. Test of this very level from the bottom, with PA sell signal will give a opportunity to open short positions in accordance to the strong trend.
EUR/JPY:
Signal from the beginning of the week ended with a stop loss. Support has been pierced and now it should act as a resistance. This par can be traded the same was as EUR/AUD.
EUR/USD:
Eurodollar try to defends itself and block dynamic falls. Equal level of 1.37000 resisted and so far currency pair consolidates just above him. Downward impulse was however really strong and we can clearly see that bears are still in charge. You can look for some very clear buy signals and plan on rebound – but it may be quite risky.
GBP/USD:
Cable dynamically broke support which was defending itself since April and dived 50 pips below. Long-term trend is still upward, but a deeper correction is inevitable. As in the case of pairs with euro we should look for short positions after previous support test (now resistance) from below.
