The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.
Trade setups for AUD/JPY
Information is not investment advice
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs. Bullish momentum has recently declined; we can see that the Awesome Oscillator doesn’t confirm price highs. On the upside, the obstacle lies at 71.35. AUD/JPY needs to break higher in order to gain ability to get to 72.10 (200-day MA). On the downside, we see significant support at 70.45 (100-day MA) and 70.15 (previous highs). Below this point, targets will be at 69.70 and 69.20.
Overall, the pair can make another attempt to test 71.20/35 area and then turn to the mentioned support levels.
Trade ideas for AUD/JPY
BUY 71.45; TP 72.00; SL 71.30
SELL 71.00; TP1 70.45; TP2 69.70; SL 71.25
There’s still scope EUR/JPY to rise towards the 118.70/119.85 area, where a reversal to the downside should take place.
GBP/USD formed a “Piercing line” pattern on the D1. The pair rose to the resistance line that connects April 30 and May 8 highs.
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