Bears have been controlling GBP pairs, giving us traders many opportunities for shorts.
Towards the end of the week GBPCAD has pulled back up to a major daily resistance (Yellow Zone) I will now be waiting for price to break this zone 1.63176 to confirm bears I will be then waiting for a retest back up to the zone to finally possibly take a short if price action...
JPY has continued to gain strength which can be seen across the market inc the indexes.
EURJPY has come back below a descending trend line which price had been respecting since 12/06/19 and which bears broke on 17/06/19.
Price is now respecting support at 121.890 - 121.070 found on 4h. I will be waiting for bears to break this zone with a retest in the zone,...
Keeping it simple really, the GBP has been showing some weakness from yesterday and this has shown on GBP pairs.
We have now come back below the 50ema on the 4h and now coming back to restest it.
Looking to take a short on the H1 chart at 1.2617, waiting on how price action plays out around this price.
GBPCHF trend has been neither bullish or bearish with this pair moving sideways over the week. Bulls has not been able to break daily highs and neither has bears been able to break daily lows, however I do see this market as a bearish market and I am now waiting for bears to show us that they can break though the lows highlighted in blue, where we can then start...
We have broken the 4h descending trend line showing us that bulls are keeping control of this market.
We have made a small retest of this trend line as well as coming off support at 1.3125, the sideways movement around this area being seen right now gives me even more confidence that this market is going to carry on bullish.
For over a month bears have been in control of Gold market, is the bulls going to gain back control?
We are currently trading in a descending triangle on the daily timeframe and now approaching the ascending trend line, with support below at 1262.5. Lets see if bulls start to shows signs of strength around this area, for now bears stay in control of this market.
I believe Bulls can gain the strength to break through the 0.86500 level. Euro pairs have been showing some signs of trying to regain strength to carry on its bull run. We do have some important economic data coming out tomorrow so this will be something to keep an eye on. Overall EURGBP is one for the watchlist.
Last week we reacted nicely off a daily support level at 1.00034
Giving this pair the strength to create nice higher lows and it now looks like were about to make a nice higher high.
We have an ascending trend line off the higher lows which could give us an extra confirmation if we react off a higher time frame support @1.00276 with it.
USDJPY has been showing strong bullish strength for the past few days creating higher highs and lows.
Price has broken a descending trend line on the hourly chart and is now reacting off support @111.981. I will be looking to take profit around a major resistance level 112.240.
Once price does react off that major 112.240 resistance level the USDJPY could see...