AUD/USD: will bulls show their weakness?

AUD/USD: will bulls show their weakness?

On the AUD/USD daily chart, there is a continuation of the near-term bearish trend.There are two resistances at 0.7425 and 0.745. If bulls fail to test them, it will be a sign of their weakness, and it will lead to the formation of short positions.

On the AUD/USD hourly chart, the realization of the Dragon pattern continues. To restore the upward short-term trend, bulls need to test the resistance at 0.7445. But at the same time, bears may easily regain control over the pair. They need to test the quotes located below the support at 0.7395. If it is tested successfully, the expanding wedge will be completed.


EUR/GBP: pound is chasing a bat

On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.

EUR/USD: bears hit the breaks

On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.


Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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