GBPUSD – On the weekly chart we see that the candle close last week is bullish and the pair closed above its 200 ema. Will the pair rebound from here?
If it does, top side target based on the weekly time frame could be 1.64.
On the downside, just below 1.60 is a demand area.
USDJPY – The dollar yen on the weekly time frame shows bullish trend still unfolding. Topside target at 110.465 and if the pair retraces back down, 105.23 can act as a support before trend continuation northwards.
EURUSD – The euro dollar on the weekly time frames shows a very heavy bear trend still unfolding. 1.28 is a demand area and as you can see on the left side of the chart has bounced off the area in May this year. It might be tested again when the bear trend continues but do watch out for possible retracement back up to 1.32 before trend continuation.
AUDUSD – The Aussie dollar on the weekly time frame shows a downward sloping channel and further moves to the downside can go all the way down to 88.9 before 86.65. Any rebounds above 0.90 is expected to see bears coming in to push back the pair lower. The 0.92 level is a level where we can expect the bears to come in in droves.
GBPJPY – Pair in a sideways mode as can be seen on the weekly chart. A breakout from this flag is required for the bullish trend to be re-established. A close below the 33 ema might spell trouble for the bulls. Pair consigned to levels between 175.297 and 169.248.
I hope that my analysis of my 5 favorite pairs have given you some insights into how you are going to trade the market.
To your trading victory!