AUD/USD, NZD/USD, EUR/USD Retail Positioning Analysis Around Election
AUSTRALIAN DOLLAR TECHNICAL ANALYSIS
AUD/USD is pressuring the ceiling of a Descending Triangle chart pattern in the aftermath of a bearish ‘Death Cross’. The latter formed after the 50-day Simple Moving Average (SMA) crossed under the 20-day one. Early signs of positive RSI divergence is showing that downside momentum is fading. Key support sits below as the 0.7006 – 0.7043 zone. A climb above 0.7244 exposes the August high.
NEW ZEALAND DOLLAR TECHNICAL ANALYSIS
NZD/USD appears to be trading within an Ascending Channel since the middle of September. Moreover, the pair is in a consolidative state, trading between support (0.6503 – 0.6537) and resistance (0.6756 – 0.6798). If the channel holds, we may see a slow and steady ascent towards resistance for a shot at uptrend resumption.
EURO TECHNICAL ANALYSIS
EUR/USD is once again pressuring the 1.1612 – 1.1696 key support zone. Positive RSI divergence does how that downside momentum is fading. That can at times precede a turn higher. Moreover, the pair has been consolidating since late July with key resistance sitting at 1.1932 – 1.2011. Still, a drop through support exposes the 1.1446 – 1.1496 inflection zone.
Reference by: Daniel Dubrovsky, Currency Analyst for DailyFX.com