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The AUDUSD was unable to hold support at the .93 level this week, closing below it on Wednesday. The pair also formed a bearish inside bar/pin bar combo on Friday. We could see this pair move down to the .922 level, which is represented by the price action from early April. The AUDUSD is still in a short-term uptrend that started in late January of this year.
The EURAUD made a move lower early in Friday’s session, but quickly rebounded before the close forming a bullish inside bar/pin bar combo. If the pair is to move higher, we might see the lows from earlier this year prove as resistance around the 1.5 level. To the downside, support should come in around the 1.48 level. While the shorter term trend is down, this pair has been in a long-term uptrend since 2012.
Be sure to see the weekly chart at the bottom of this post for an interesting perspective of the EURAUD.
EURAUD Weekly chart showing the larger uptrend that began in 2012.
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