EUR/JPY is likely to move further within an uptrend. Look for the break out above 121.55!
GBP/USD: bearish “Crab” pattern
Information is not investment advice
On the D1 chart of GBP/USD the price action conforms to the bearish “Crab” pattern. Currently the market is trying to find the point D. The difficulty with harmonic pattern is that it provides a potential range of reversal and not the exact level. For GBP/USD, this range is between 1.2650 and 1.2760.
Notice that the pair came to the resistance of the 200-day MA and the previous highs around 1.2660. On the H4, there’s bearish divergence. As a result, the pair may test support of the short-term channel around 1.2570. The next levels to watch on the downside will be 1.2520 and 1.2425.
GBP/USD will fall if the US Nonfarm payrolls are better than expected.
Trade ideas for GBP/USD
SELL 1.2625; TP 1.2580; SL 1.2640
SELL 1.2550; TP1 1.2530; TP2 1.2430; SL 1.2565
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
The New Zealand dollar is rising for the sixth straight day, outperforming its major peers. What is the reason? Let’s find out!
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