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Dollar storm: EUR/USD approaching double bottom, AUD/USD at key

The advance of the US dollar continues, and against some currencies, key levels come into play. Will they bounce or break?

EUR/USD  extends its drop below 1.28 and is approaching a key double bottom line on the weekly chart at 1.2750, where we have a double bottom. Breaking below this level will send the pair to the lowest since November 2012.

At 1.2766 at the time of writing, this line is getting close. 1.2660 is the next key line on the downside, and 1.28 works as resistance.

AUD/USD is trading around 0.88, which was support in December 2013 and also beforehand. This is also an extension of the fall and the lowest since February. 0.8750 is the next line below and 0.8910 works as resistance. RBA governor Glenn Stevens talked earlier.

NZD/USD also continues its downfall and has now breached the very round number of 0.80. This break is awaiting confirmation.  The New Zealand government said that the exchange rate is unjustifiable and unsustainable.


Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.