Volumetric analysis on December 18

EUR/USD

We do not see possibilities of positional transactions or movements before the new year. The pair is trading within the range with the resistance of 1.1435-1.1475 and support of 1.1270-1.1220. Only the interest rate of the US Federal Reserve may give some impulse, however price action in such scenario should not exceed the marked boundaries in our opinion. And next important fundamental event is expected only on the middle of January. Therefore, our trading ideas should be local. The trading volume, which appears on the March futures contract, is mainly in the price tag of 1.1330-1.1295. We will assume that there is an open interest of buyers there and assume that locally the upward movement is major and downward is corrective. We are waiting for a corrective pullback in support and are considering purchases with a target of 1.1370 and 1.1434.

AUD/USD

On the new futures contract in the price range of 0.7180-0.7150 is the maximum volume. In addition, the technical picture has signs of false breakdown, and it can be assumed that, after a corrective decline, there will be an increase to 0.7230. The appearance of prices below 0.7150 cancels our scenario. In this case, it is better to watch the market in search of manifestations of strong market participants.

 


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