Macro: Sandcastle economics
Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.
Technical Analyst, Saxo Bank
EURUSD failed once again to close above the 0.382 retracement at 1.0865 and seems to be resuming down trend
RSI rejected at 60 threshold still showing negative sentiment supporting the scenario of resuming downtrend.
A down trend that can take EURUSD down to the strong support at around 1.07
AUDUSD closed yesterday below 0.6520 thus resuming bear trend. RSI is showing negative sentiment and is about to break back below the 40 threshold which will further confirming the bearish scenario.
A bearish scenario that can take AUDUSD to 0.64. The Shoulder-Head-Shoulder like pattern potential can still unfold
NZDUSD has been rejected at the 0.50 retracement at 0.6204, failing to close above 0.62 (and rejected at the Cloud – shaded area).
Massive selling this morning has pushed the pair down to the 100 Daily Moving Average.
RSI already showing negative sentiment has been rejected at the 60-threshold confirming that NZDUSD is likely resuming bearish trend.
A move down to test key strong support at 0.6050 seems likely.
A break below could further fuel a sell-off down to 0.60, possibly lower. A close below 0.60 could extend the bearish move down to around 0.59-0.5875.
How to read and understand the technical indicators and how I use them follow the link below:
Volume
Moving Averages
RSI
Ichimoku Cloud
Technical analysis studies and indicators