we can see break of bullish structure. Price formed higher highs and higher lows. It then created strong bearish candle that broke trendline and also created new lower low. Soon after price failed to push through the previous high and created new lower high. Price then confirmed the reversal with break of previous lower low level.
The currency pair is supported above 130.00 / 129.40 / 128.75 but below the 128.72 the recent rally could find an abrupt end and a decent dip to around 125 ish is on the agenda. Above the April high at 131.25 is not much resistance left. You have to switch to a monthly chart to find the next real resistance at 135.
EURUSD The Euro is still holding above the 1.0500 threshold and you get the impression the market is just waiting for an explosive relief rally above the 1.0636 resistance. But when I get this feeling other participants may get it too. In this respect, I do not know whether the Euro can start a recovery rally without dipping even more. Watch your longs carefully.
GBP/USD seems to have gained traction before testing 1.3000 but the pair faces several resistance levels that could easily cap the rebound. The first hurdle is located at the 1.3040/1.3150 area (static level, 50-period SMA on the four-hour chart) ahead of 1.3080 (static level, 100-period SMA) and 1.3100 (psychological level). In the meantime, the Relative...
The AUD/NZD pair has attracted significant bids at around 1.0834 as the Reserve Bank of New Zealand has raised its Official Cash Rate (OCR) higher than the street expectation. RBNZ Governor Adrian Orr has announced an OCR hike by 50 basis points (bps) while the street was expecting status-quo maintenance by the RBNZ.
Possible sell setup wait for confirmation!!!!! BREAKOUT OF STRUCTURE