AUDUSD:
The AUD has taken out major Resistance that had been in place since October of 2009 and with one point extending as far back as October 2007. This level of Resistance stood between .9350 and .9400. The AUD is currently poised to close near .9467. It will be important to see if Resistance turns over to act as support if it is retested. If .9350 to .9400 acts as Support and or the level is not retested. T1 would reside at .9650 and T2 at .9800. * Note this is a weekly chart.
Oil:
There is a Head and Shoulders pattern building on the daily Oil chart. You can see the Head and right Shoulder are already developed. A close below the neckline should send price action significantly lower while a close above the right Shoulder Resistance line and Oil will likely retest an 80 handle. Although the distance between a drop to a pop is significant, volatility can quickly close that gap.
EURUSD:
There are many ways to utilize Fibonacci schematics. The more commonly used Fibonacci tools are retraces and projections. On this daily chart below we utilize Fibonacci Arcs. The pattern that becomes acutely noticeable occurs exactly at the Arc points. If price tests the Arc with a wick, then ensuing price action will be horizontal until a breach or pullback occurs. However, if an initial clean close is seen above or below the Arc (consistent with the prevailing trend) then ensuing prices appears to accelerate through to the next level. Keep an eye on these levels as the EUR approached the next Fibonacci Arc.
Written by bforex.com
