Daily market overview EURUSD, USDJPY, AUDUSD, NZDUSD, USDCAD, GBPUSD, BITCOIN
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USDJPY
The pair is testing the downside breakout resistance 104.400 and a confirmed breakout is required for the downside extension. It is bouncing from this level and it needs to break above for 106.200 for the upside reversal relief.
Note: stay away from the trade entries for now
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 confirmed break below 1.17000 is required to accelerate the downside.
Note: stay away from the trade entries for now
AUDUSD
The pair is testing a falling wedge resistance 0.7150-0.7200 zone for invalidation and a breakout higher and invalidation of H&S formation.
Note: stay away from the trade entries
NZDUSD
The pair is in the sideways rectangle and still supported for the upside. A break below 0.6500 is required for the downside reversal. A confirmed break above 0.6750 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 1.3050-1.3100 and hold here is important for the upside continuation. A break above 1.3380 is required for the complete upside reversal. A confirmed break below the 1.3000 would lead to a complete downside reversal.
Note: stay away from the trade entries for now
GBPUSD
The pair has broken below the falling trend line 1.2980 and is retesting the broken line now. Only a break above the 1.3100 would lead to an invalidation of a downside extension. A break below the 1.2920 resistance is required for a downside reversal.
Note: stay away from the trade entries for now
Bitcoin
The instrument has broken above the 10500 resistance and a long-term downside channel and is testing the 14000 level for an extreme upside continuation. The support is 12300.
Note: buy with the stop loss below 11000
