GBPUSD
The GBP/USD pair which was initially
falling on Tuesday found enough support at 1.50 level to turn the
things around and formed a rather positive hammer in the end. What
remains to be seen is the direction it takes from here. We are
currently holding no hopes of spikes rather are focusing our time on
identifying selling opportunities. In our opinion, a breakdown below
Tuesdays candle can also be a selling opportunity.
EURUSD
The EUR/USD pair went a notch higher on
Tuesday, shooting through the hammer candle formed on the previous
day. Although the sky seems to be clear but we do see a storm coming.
In other words, we are going to sit this one out. 1.10 level above is
going to be our flag off level. On the flip side, if we break the
bottom of the hammer on Monday, we might think about entering a short
position. After 1.10 level, we might set our eyes on 1.14 level, but
that depends on crossing the 1.10 level first.
AUDUSD
The AUD/USD pair formed a candle
possessing hammer like characteristics following an encounter with a
support level that allowed it to take a U-turn. Any break above the
hammer is a bullish signal and indicates an upward momentum. However,
in the opposite direction it might move to 0.71 level. Australian
Unemployment data would be among the figures released that would be
having an impact on this pair.
USDJPY
The USD/JPY pair took a bounce on
Tuesday. However, we still haven't escaped
the previous consolidation area; hence we are not sure how long this
bounce will go in upward direction. The markets as always are in full
oscillations, hence we are looking for some decent pull back that
might give a significant profit. Apart from this, there is resistance
zone extending from 124 level to 125 level.
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