EURJPY
On the 4 hour, the EURJPY traded in a rising channel for 4 weeks, from mid September until this week. Prices have now broken through the channel, and after a quick test of the channel as resistance, continued to slide. If the 113 level Is broken, prices may slide significantly.
USDCHF
Although the Swiss Franc has continued to make highs against the dollar, momentum is waning. A look at the MACD histogram (default settings) shows a divergence. Although price has made new lows, the MACD has not, suggesting that selling pressure is waning, and a pause in the downward spiral may be on the way.
AUDUSD
In contrast to the CHF, the AUD seems poised to immediately breakout to new record highs. An analysis of the MACD histogram shows that after a lull in momentum through September, the recent October surge to new highs ahs brought with it a new wave of momentum, which is likely to sustain a breakout to new highs. Additionally the pullback provided a dose of hidden divergence, with momentum indicators making new lows, while price made new highs, further suggesting the upwards push has the momentum advantage.
Written by bforex.com
