Forex4you Wave Analysis 13/09/10

EUR/USD: Technical Analysis

This pair remains range bound and will probably continue so for some time. The strong rally today is probably a correction of the move down from the 6th September, of which it has retraced the standard 61.8% so there is a chance of an imminent roll-over occurring. Although a small continuation to the 50 Day MA at 1.2855 is also possible. When the next leg down starts it may reach 1.2735 initially and then perhaps trend-line support at 1.2720. After several more days the sideways market will probably end, giving way to a higher degree decline which should make new lows.

AUD/USD: Technical Analysis

For this pair, the April 0.9353 highs are important because if they hold then prices should roll over soon and a major decline could reach 0.89 first and then probably lower. A break above would imply a more bullish outlook particularly if the 0.9405 highs are also broken. It is more likely, however, that prices will fall before breaching either.

Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst

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