ZuluTrade Blog


Market View | Monday, February 6, 2017 4:59 AM GMT

The week holds important news about AUD-correlated pairs. This will offer good volatility for trading setups. AUDUSD performed a sharp up-move and is currently consolidating at the highs. The US Dollar remains on a downward trend and tries to recover some losses. On the other hand, EURUSD and GBPUSD failed to continue their bullish momentum. USDCHF is following the rhythm of US Dollar and the chart is similar.

Week’s important news:


Intraday view for major pairs correlated with above events.


As you remember, the pair forms a rising wedge (blue TLs) and the gold support area gave already a buy opportunity on Friday. This area remains important. As long as price remains above this area, short-term trend stays bullish. Next major support is at 1.063.



There are no significant changes from Friday. The yellow support zone (1.243-1.24) is important. Next support is at 1.225. The pair is still on uptrend.



As we said, Aussie moved almost parabolic. It consolidates close to the highs. Buyers may find the yellow zone interesting, but the orange support is critical in order to maintain the bullish momentum.



The pair forms a downside channel (gold TLs) and moves sideways upwards. Above 0.997, the pair may move to next resistance 1.004. On the contrary, sellers will regain the control if price breaks out the yellow TL on the bottom or they may further sell the bearish rejection at 0.997.


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