The pair fell to its lowest level since last November this week with a potentially major breakout below the 108.35 level. As long as price remains below here then further declines could lie ahead. The drop has eliminated the chance for a double bottom to form with the lows seen back in April around 108.35.
Possible support: 107.30, 105.20, 101.30
Possible resistance 108.35, 111.04, 112.45
A significant weekly decline has left this cross at a potentially pivotal level going forward. There has been a strong uptrend in play since the middle of May but this is now under threat. The 8 EMA (blue line) has been above the 21 EMA (yellow line) for the past 4 months but these have converged lately and there could be a bearish cross in the offing (8 moving below 21).
Possible support: 0.9035, 0.8920, 0.8855
Possible resistance: 0.9200, 0.9305, 0.9500
After a large gap higher back in April this pair has set off on a strong rally to the upside rising by almost 1000 pips. The past month however has seen a tightening of the range as the market consolidates in a triangle formation after the strong move higher. This has seen a bull-flag of sorts materialise and with price approaching the apex a breakout could soon occur. Ideally a break would come to the upside which would lead to a further extension of the rally. However, there is a chance the setup could fail and a break below 1.1270 would be a significant bearish development.
Possible support: 1.1350, 1.1270, 1.1065
Possible resistance: 1.1480, 1.1537, 1.1800
**All charts are sourced from xStation
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