Home Technical Analysis The Euro Rests at Support As We Count Our Hefty AUD Profits...

The Euro Rests at Support As We Count Our Hefty AUD Profits – Nadia Simmons (07/31/2019)

Our open position in the Australian dollar has been closed, and at a sizable profit. But the countdown to tomorrow’s Fed is on, and it pays not to rest on laurels. The setups in the other currency pairs won’t wait, so let’s get down to reading the stories they tell.

EUR/USD – More of the Same

EUR/USD hasn’t moved much yesterday or earlier today – it’s meandering around last week’s lows and the green support zone.

The CCI and the Stochastic Oscillator are very close to generating their buy signals, and this could encourage the bulls to push the pair higher in the very near future.

USD/CAD – About to Roll Over?

USD/CAD broke above the red resistance zone, but hasn’t overcome the 38.2% Fibonacci retracement for three days in a row.

Additionally, the CCI and the Stochastic oscillator are very close to generating their sell signals, which increases the probability of reversal in the very near future. This is especially the case when we factor in the proximity to the orange resistance zone, which is slightly above the Friday’s peak.

AUD/USD – Downside Target Reached

AUD/USD extended losses and slipped to the green support area mentioned yesterday. In this way, the pair has also reached our exit target, closing our short positions with a sizable profit (as a reminder, we opened them on July 19 when AUD/USD was trading at around 0.7056 – we marked this level with the black dotted line on the chart).

Although the sell signals generated by the indicators remain in play, the room for further declines appears limited (in our opinion, AUD/USD could test the lower border of the green zone in the very near future).

Summing up the Alert, the euro stopped at the upper border of the green consolidation yet the daily indicators look ready to support the bulls soon. The price action doesn’t attest to any signs of their strength though – no position is justified as a result. AUD/USD downswing has dealt us sizable profits and our open position has been closed by the waiting take profit order. Apart from these, there’re no other opportunities worth acting upon in the currencies. As always, we’ll keep you – our subscribers – informed.

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Thank you.

Nadia Simmons
Forex & Oil Trading Strategist
Sunshine Profits – Effective Investments through Diligence and Care