The GBP/JPY is technically setting up for a push downwards on the short term. Price has found resistance at a confluence area between the 150.00 and the 150.25 price levels (highlighted in grey) [see m15 chart]. A break below the near-term support at the 149.700 zone (highlighted in sky-blue) would further consolidate this bearish momentum.
After strong selloff on the GBP/USD following the release of better-than- expected growth data from the US last week, the Cable is currently seen recovering from this massive dip on Monday morning. Technically from the shorter-term 15-minute chart price has hit a former support zone at the 1.3150 – 1.317410 area (highlighted in pink).
15-minute (m15) GBP/USD Chart
Bulls are advised to cautiously wait for price to break above this region and look to take profit at the 1.32750 zone (highlighted in yellow). Stop loss can be placed at 1.31250 and the 1.3100 zones for aggressive and conservative bulls respectively.
Alternatively , resistance at the former-support zone can most likely indicated continuation of the bearish momentum.
With a very quiet Monday as regards economic events, GBP/USD is currently resisting price off a downward trendline [see m15 chart]. Trading bias is shorting whilst placing stop above the long -wicked candlestick printed at the 1.32263 zone looking to take profit at the near-term support zone at 1.31290 price level (highlighted in sky blue). Continue reading “Trade of the day: GBPUSD”
Price has been caught trading in a range for the past 1 month. Currently price has found support at the support zone of the range (highlighted in grey). Traders can look to go long on the short term with stop order placed at the 131.650 level looking to take profit at the 133.00 zone (highlighted in gold) for a 1:1 risk reward ratio. Continue reading “Trade of the day: EURJPY”
Last week we saw EUR/GBP hit a very signifcant level at the 0.90326 where it found resistance. Sellers have somewhat taking a liking for this level as there are several times priced has been rejected there. Last Thursday was no expection as a long-wicked bearsish candlestick was printed off this level on the Daily chart ( see fig 1).
For three consecutive days has found support and traded above the 50% FiB. level of the Fibonnaci retracement drawn from the May 2017 swing low at the 0.73293 price level to the swing high at the 0.81261 level printed in Sept. 2017 (see Daily chart Fig 1).
This pair has retraced most of its bullish move from the swing high at 1.36620 zone down to 1.30260 where price has been supported and consequently have being bullish afterwards.
Price has broken above the resistance level of the downward trend line and would further consolidates the ongoing bullish mommentum if price breaks above the 50% FIB level of the fibonnaci retracement drawn from the August 2017 swing low to Sept. 2017 swing high (See chart above).
Amidst the fundamentals hitting the markets, USD/JPY is seen to be locked in a “Range” on the short-term (see H4 chart). Given the stronger-than-expected jobs report in the US economy released last friday, price has been seen to retrace all of it gains due to possible fears of North-Korea testing its missiles. Possible ways to trade this range are:
The pair has been on an uptrend for several sessions, making an impressive climb with price showing a series of higher lows. In yesterdays session price approached and touched the outlined support zone. A bounce off that zone seems to be in progress at the moment and there is potential for more upside.
GBPUSD was locked in a range for the better part of last week. After an impressive rally that commenced on the 24th of August from a low of 1.27732, the FX pair now seems to be taking a breather with an oscillation between 1.35963 and 1.34721.