Overview.

Good afternoon all,

Whilst looking through relevant charts before analysing some currencies I noticed a very marked resistance which does carry over onto the Euro-zone majors, namely the GBP,EUR and CHF, which as you know all do correlate to a degree.

On doing your own analysis you will be able to see that each one is standing around a fibonacci cluster, some have MACD convergence and several other confluences on different timeframes.

This can indicate a possible consolidation or breather before a continuation of the shorter term trend or even a reversal and continuation of the longer term trend.

With big news items out this week the market is undecided as to what to do and may well be waiting direction, but as the Dollar has been possibly gaining strength due to Euro zone weakness all could change if Dollar negative news comes out.

Keep a close eye out here and dont second guess.

Also a chart to look at is the AUDCAD which at present may be trying to break its V.I.

Good luck with your analysis and trading.

Clayton Farnworth.