The EUR/USD pair has broken its support zone on a 30 minute time frame as predicted. This represents a clear weakness for the price action and the bias could certainly be to the downside. The pair is also trading below the 50 day (shown in green) and the 100 day (shown in yellow) moving averages which confirms that there the bears are in full control. The volatility for the pair is also low as the price is also trading within the Bollinger band and close to its 20 day moving average.
The GBP/USD pair has formed a symmetrical triangle on a 30 minute time frame as predicted. These patterns usually break in the direction of the trend and as this pattern has already broken to the upside, this could easily push the price near the yellow rectangle area shown on the chart. Moreover, the GBP/USD is also trading below the 50 day (shown in green) and 100 day (shown in yellow) moving averages which confirm that the bulls in full control.
Asian markets closed higher once again by building up further gains on top of yesterday . The economic data released in Australia showed that the country’s GDP has improved with the final reading of 0.6% from its previous reading of 0.5%. This is a confirmation that cyclical improvements are taking place in the country and however the volatility remained elevated during the session as investors started to weigh up the attack on Syria once again.