AUDUSD, USDSGD, USDCNH and EURAUD are moving very nicely according to the Tflow™ roadmap since the last 6 months. It is obvious where these pairs are trending and the river could provide a clue to the next optimum retracement zone.
Pairs are USDSGD, EURUSD, AUDUSD and EURAUD. Support and resistance levels drawn based on End-Of-day Close (forex pairs based on GMT+3, XAUUSD GMT+2). Charts from MT4. Transparent blue arrow and triangle indicate trend, red line shows current momentum.
Both EURAUD and EURNZD have been rangebound since 6 weeks. Their daily and monthly charts paint a compelling picture. Hopefully a driver will come along soon – if the final direction is down, there appears to be room for a big move.
With a chart going back to 1994, this long-lasting EURAUD resistance zone probably qualifies for a ‘generational’ level. Keep in view. EURAUD could be capped below this zone for quite a while.
This is an end of Wk14, beginning of Wk 15 appraisal of the market. I am looking at the AUDUSD, EURUSD, XAUUSD, China A50 and a couple of other trades written about in the past 2 weeks.