Daily market overview EURUSD, USDJPY, AUDUSD, NZDUSD, USDCAD, GBPUSD, BITCOIN
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USDJPY
The pair is bouncing off the horizontal support near the 104 and has broken above the wedge 105.80 which is being retested now. To continue higher and for higher probability long trade entries we need to see a break above 107.60.
Note: long trades with the stop loss just below 105.50
EURUSD
The pair has been rejected from the long-term falling trend line 1.19000 and is pulling back. The pullback should lead to a test of the key channel support 1.15000. A break below 1.17000 is required to accelerate the downside.
Note: short trade entries with the stop loss above 1.1850 level
AUDUSD
The pair is testing the rising wedge support 0.7140. Break above 0.7250 could lead to a complete upside reversal. We still do not favor long trade entries.
Note: look for the short trade entries with a stop loss above 0.7250 and add upon a break below 0.7140
NZDUSD
Pair is in the sideways rectangle and still supported for the upside. A break below 0.6520 is required for the downside reversal. A break above 0.6700 would open the door for the strong upside continuation.
Note: stay away from the trade entries for now
USDCAD
The pair is retesting the strong confluence of support 1.3150-1.3200 and hold here is important for the upside continuation. A break above the 1.3520 is required for the complete upside reversal. A confirmed break below the 1.31300 would lead to a complete downside reversal. Testing the 1.3260 falling wedge breakout.
Note: look for the long trade entries with the stop loss below 1.3150
GBPUSD
The pair has tested the falling trend line 1.3200 for a complete upside reversal. It has been rejected and we could search for a reversal down inside the wedge and a test of 1.2600. It is testing an important near-term downside resistance 1.3060 and a break below would confirm a reversal down.
Note: look for the short trade entries with the stop loss above 1.3200
Bitcoin
The instrument has broken above the 10500 resistance and a long-term downside channel. Looking for a strong upside continuation with the main strong support at 10300-10500 zone.
Note: Buy with the stop loss below 11000 on this 11300 support test and bounce.
The daily market overview is a comprehensive look at all market classes and it will give you the full daily insight of the market positioning for further actions.
Technical analysis of instruments listed here is just an indication of possible price movement and does not indicate any trade action which could be initiated by investors and members of this site. Daily market overview
