The cross has been extending losses for 3 consecutive days. It rejected at the parallel resistance level at 1.5337.
At today's Asian session, data on Australia building permits was released. Australia June building permits came out at -8.2% on a month against analists' expectations of -1%, revised up to 2.5%. from the previous value of 2.4%.
Technical view: The cross stopped its 2-week rally losing 280 pips. The 20Dsma is found at 1.4880. Intraday support is found at 1.4989 and 1.4925. Intraday resistance is seen at 1.5060 and 1.5100.The cross heads towards lower high and lower lows in the H1 chart. Bulls are back on track above 1.5100 and strong bullish momentum is expackted above 1.5150. Intraday selling is available below 1.4980 with targets at 1.4950 and 1.4930. Risky buying is available above 1.5075 with targets at 1.5100 and 1.5125.
To contact the author of this analysis, please email- [email protected]
The material has been provided by InstaForex Company – www.instaforex.com