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Trading Setups / Chart in Focus:
EURUSD – Euro/dollar bears still in driver’s seat
The EURUSD recently formed back to back bearish tailed bars, as we first discussed in our August 14th commentary. We can see that price has fallen lower from these tailed bars over the last two days, showing yet again just how weak this EURUSD has been and continues to be. The trend is obviously still bearish and we could see more downside in the days and weeks ahead. Traders should continue looking for sell signals on any retraces back to horizontal resistance levels or the 8 / 21 day EMA layer.
AUDUSD – Aussie/dollar fakey sell signal from resistance
In our weekly price action outlook from this week, we discussed the importance of the key resistance near 0.9330 in the AUDUSD and that we were waiting for a price action sell signal to form near there. Today, we can see price formed a false break of that level and ended the day forming a bearish fakey sell signal. We could see price fall lower from today’s fakey, with potential to move back down and re-test key support near 0.9200 if bearish momentum picks back up.
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