Saxo Bank - With $AUDUSD sentiment ending a sequence of higher weekly lows, last week's negative signals were initially confirmed with losses of over 3 big figs. This also saw the formation of a daily bearish head and shoulders reversal pattern. However, improving sentiment into the close saw prices close above the neckline on Friday. Gains are likely to be limited, but it has left this week's outlook just temporarily bullish above 1.0052. The initial target is 1.0399, last week's open, a break here improving sentiment to 1.0600 and then towards 1.0754, October's top.

Saxo Bank - Initial gains in $EURUSD yesterday stalled and reversed close to 1.3500. The result was an almost unchanged close and this highlights investor indecision. However, it is the upside rejection that is considered the key element especially with Asia seeing investor selling. In view of this, and despite oversold intraday extremes, our call is Bearish below 1.3426. The immediate objective is 1.3356 with a move below that point targeting 1.3315, last Wednesday’s open, or even towards that day’s 1.3258 base