Daily Market Analysis

If we look at the daily chart, we’ll see a diamond-shaped broad consolidation range.

GBP/USD has been consolidating between 1.3120 and 1.3010. Yesterday the pair broke below the support of the short-term triangle.

The US currency has been in the period of consolidation since the start of the year.

It's likely that the pair is going to test the nearest resistance at 1.3391. However, if a pullback from this level happens little later on...

It's likely that the price is going to test the nearest support at 0.8574 because of the last 'Triple Top' pattern...

This month EUR/NZD broke the downtrend resistance line which was in place since the start of January.

There're bullish patterns such an 'Inverted Hammer' and a "Hammer', which both have been confirmed...

There's a 'Flag' pattern, which led to forming a new local low. Also, we've got a 'V-Bottom', so...

CAD/JPY is sensitive to the market sentiment: if risk appetite improves, the pair will rise, while if traders become risk-averse, the pair will fall.

The price action seen at the H4 chart resembles an inverted “Head and Shoulders” pattern with a neckline at 1.1250.

The pair is going to test the nearest support at 110.54. This level could be a starting point for another bullish rally towards the upper 'Window'...

It's likely that the pair is going to test the closest resistance at 0.6756 - 0.6772 in the short term...