Whattup, foreign exchange buddies!
For those who’re on the lookout for buying and selling alternatives, you then’re gonna like that USD/JPY could also be gearing up for a reversal whereas GBP/AUD appears set to proceed its development.
Verify these charts out!
USD/JPY bulls have been BUSY because the final week of September however it appears just like the bears put up a reasonably good battle just below the 115.00 mark.
Is USD/JPY prepared for a bearish reversal? A transparent break under the 113.50 “neckline” and the 100 SMA zone might drag the greenback to areas of curiosity like 113.00 or 112.25.
If USD/JPY finds help from the neckline and begins making new October highs, although, then the pair can lastly check and keep above the 115.00 psychological resistance degree.
Staying away from the greenback this week? I nonetheless gotchu!
GBP/AUD is testing the 1.8300 deal with close to the 61.8% Fib pullback of the final main downswing, the 200 SMA on the 4-hour timeframe, AND the development line help that’s been holding like a champ since December 2020. That’s virtually a year-long uptrend!
Before you purchase the pound like there’s no tomorrow, take word that we’re not seeing hesitation candlesticks simply but. GBP/AUD can nonetheless weaken earlier than it finds regular help, yo!
An extended commerce on the first indicators of (sustained) bullish stress would yield an excellent risk ratio if GBP/AUD bounces from the help zone that we’ve marked.
In fact, it’s doable that GBP/AUD can prolong its mid-September to October downswing.
If GBP/AUD trades and stays under the trend line and 200 SMA, then the pound is open for retests of earlier areas of curiosity like 1.8050 or 1.7800.