Daily market overview EURUSD, USDJPY, AUDUSD, NZDUSD, USDCAD, GBPUSD, BITCOIN
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USDJPY
The pair is reaching the top of channel 107 and we could see a possible hesitation for an upside continuation. The pullback could lead to a test of lower channel support 105.70.
Note: stay away from the trade entries for now
EURUSD
The pair is breaking above the long-term falling trend line 1.2000 and is pulling back for the retest. A break above 1.2170 is needed for the upside continuation. We have a rising wedge support line test
Note: look for the long-trade entries with the stop loss below 1.1960
AUDUSD
The pair is testing the rising wedge 0.7700 support line. This support needs to hold for the upside continuation higher and a test of 0.8200.
Note: long with the stop loss below 0.7680
NZDUSD
The pair is testing the rising wedge support 0.7200. This support needs to hold for the upside continuation and a test of 0.7550 again.
Note: looking to add to a new long trade on the bounce-off support 0.7160 which is happening now. Stop loss below 0.7160
USDCAD
The pair is pulling back to retest the 1.2650-1.27000 zone. Only a break above the 1.3000 will invalidate the downside continuation, and the pair is rejected again from 1.2700. A break below 1.2630 is needed for the downside continuation.
Note: stay away from the trade entries for now
GBPUSD
The pair has been rejected by the 1.4100 and is going for an upside support zone 1.3800-1.3860
Note: look for the long-trade entries with the stop loss below 1.3750
Bitcoin
The instrument pulled back to 42000 after the rejection from 56000 and is bouncing off the strong support for the continuation higher.
Note: look to buy with the protective stop below 42000
