Not necessarily in this order!
The start of the trading week has taken off with the expected corrective moves anticipated by way of the closing prices and behavioral movements of market since the opening of the US trading sessions. Although, the backdrop of the sentiments still remains bearish for the Euro in general the actual session highs for the European majors has been quite friendly for the bulls anticipating a correction.
The EURUSD and the GBPUSD has performed well during the mid-week transition towards a full trading activity for the week. Reaching an initial high as of this writing at 1.3067 and 1.5650 respectively for both currency pairs after the USDX made its corrective move lower at the 79.60 basis point. This apparently coincides with the precious metals recovery back to USD1606.95/oz price levels from an established low at 1522.48 and oil back to the 102.24 price levels.
AUDUSD DAILY
Considering the market across the board, the Aussie and the Kiwi rallied to the 1.0370 and 0.7903 high respectively. The first trend line resistance levels for the Aussie is at the 1.0450/80 range and would meet some pullbacks on a day to day price movement. While the Kiwi may find legs to continue the rally alongside with the rest of the Asian currencies showing resiliency with the USD and gold movements. The trend line resistance for the NZDUSD above the 0.7790/00 has been penetrated while its maintains its prices just above the 0.7800 levels. However, any first trend line breakout may have a couple of daily pullbacks as it gathers pace to continue if and when the USDX goes back to the corrective price of 78.85 - 79.05basis point.
A complete mid-week report would be posted on our website at http://www.megatrade101.com/
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