What the Indicators are Showing this Week

EUR/USD has been confining itself within arising channel for the past month. However, the weakening support level may direct the pair to break the channel and go downwards. Stochastic is telling me that the overbought condition is over and the bears are now controlling the market. The pair is hesitating around the 1.3300 level at this moment. I am looking for a candlestick pattern, which will trigger my long trade for this pair.

There is a bearish divergence on the 1 hour chart of AUD/USD. I was looking for a chance to get myself onboard on this pair and I just got the opportunity. I executed a short order once the pair came back to 50 percent Fibonacci level. This level was the former support for this pair too. As a bearish divergence has formed, I am hoping that the former support will now act as the new resistance level for Aud/USD.

Another pair I was observing for the past few days is the EUR/CHF. After a steep uptrend, the pair has finally set its mind and has formed a rising trend line. You will find the line by connecting the pair’s previous lows for the past 6 months. At the moment, it seems the pair is testing the line, which is a bit confusing actually. I can go short, aiming for the previous low; or I can go long hoping that the pair will retest the previous high. I think I’d better wait a few more days, keeping money safe at UFX Markets. Thanks for following https://www.forexinfoblog.co.