EURUSD pair has reached consolidation zone. Further downside momentum is viewed as taking a pause at key support zone 1.17606. Further daily close below this level will bring key cluster support zone @ 1.5540/1.5512 into focus. Further breach below the latter zone will open up 1.13246 support as next potential target. www.trading-equity.com
USDJPY pair has breached two consecutive important resistance levels namely R1 @ 107.933 cluster zone as shown and R2 @ 110.376 respectively. Current price action is viewed as a "wait and see" effect as price consolidates at minor resistance of 111.439. Consequently, next target is opened up and eyed @ 113.380/113.781 cluster resistance. www.trading-equity.com
GBPUSD is currently trading below key support area of 1.37162 and our bias for this pair is now bearish. Concern for growth in the UK and slower than expected interest rate increase could drive the price of this pair lower. Next target is @ 1.30528 cluster support zone as shown. www.trading-equity.com
CADCHF experienced some shaky sell-off last week following some fundamental numbers in retail sales. We view that sell-off as trend correction and is potentially over as the continuation of the uptrend which began on the 6th of March 2018 could possibly be underway to completion. A daily close above 0.76594 should further solidify this case.
With BTCUSD -8.09% forming an evening star pattern at critical resistance level , we favour deeper correction of current upward momentum towards 50% retracement of 11239.0 to 7878.50 @ 9558.70. Overall view is still mildly bullish provided price is contained above 38.2% retracement of 11239.0 to 7878.50 @ 9162.2. Price close below 9162.2 will invalidate any bullish bias
NZDCAD anticipated bearish movement shown by black arrows in chart.
GBPCHF - wait for further confirmation. Direction bias = downward. Break of support line shown = target 1.22 area
EURCAD traded into neutral resistance. No bullish momentum yet
GBPUSD broke key resistance last week and currently is bucking the direction of the trend. Uptrend still intact with targets as shown. Current downward movement shows weakening of momentum with bias to the upside
GBPUSD showing real bullish promise with good food backing it apparently. Positive close today above Resistance line shown opens next target area positively.
Despite ongoing and final week downward momentum, EURGBP still has bullish structure. Strong support zone and next bullish target zone as shown. Break below current support invalidates bullish view.
EURCAD downside momentum is very much on track from our perspective. Next target support shown.
EURCAD view now turns bearish only as long as daily price trades consistently below 1.4646 area critical support. Further drop to 1.43 will be expected in the coming week or two.
EURGBP pair is still bullish. Personality and structure of pair makes it vulnerable to further upside extension. Current movement is viewed as effect of instant correlation and only a break of former resistance turned support is needed to confirm protracted delay in upside extension
EURUSD further upside momentum now slowed. We need confirmation above levels shown for positive confirmation of continuation. Momentum deviations rampant in pair as shown and very volatile area of resistance now reached. Approach further doubling up to the upside with caution.
GBP/JPY weekly bullish target reached. consolidation before upside appetite again. Watching for breach of critical target zones
Heavy cluster area trading for this pair - institutional order flow. Current daily bounce close to reach next daily bullish target shown