EUR breakout

Although we got the overall trend right by turning bearish USD, trading based on an hourly chart has been a bit difficult lately because of whipsaws that followed breakouts from the levels highlighted (see previous post). Only AUD behaved much less erratically.

Anyhow, it is worth keeping in mind trading retracements is more difficult and I guess it is worth following the pairs on a higher timeframe and 4h charts in particular. Second, it is worth selling USD after it rallies rather than breakouts. This is what I will follow for the time being. Now, analysis.

EUR finally broke out falling wedge to the upside. Any return back to 1.3500 to 1.3485 area is a buy. Stop is 1.3360. Resistance: 1.3665, 1.3750, 1.38 (200Ma which is 50MA on dailies) & 1.3880

GBP is on the cusp on double bottom confirmation with a close above 1.5677. Close above it will give us 1.6011 as a target. Resistance: 1.5750, 1.5820, 1.5910/20 & 1.5990. However if 1.5677 holds, we head back to 1.5341 minimum.

AUD - coming out of the V bottom in an uptrend channel. I am not sure it will close above 0.9950 on the first try or above the channel for that matter. One scenario I will be watching out for is that it is rejected at 0.9950 level, goes down to 0.9750 where support holds and then AUD attacks and successfully overcomes 0.9950 level. That will form cup & handle pattern and the target it gives is 1.0450. However, that may be too rich because we have the broken neckline at 1.0035 (currently). We will see

Good luck