What Charts To Watch?
The AUD/USD has dropped out of resistance, NZD/JPY made the bounce we were looking for, and EUR/USD continued to drop like a sack of potatoes. Read on for more!
AUD/USD
1D Chart
Price has retraced into the trendline resistance, and we can see that price rejected off the trendline (yesterday closed with a large upside wick). The RSI is still trading at bearish levels, and we're anticipating price will fall today.
1H Chart
Price has bounced out of trendline / fibonacci golden pocket resistance. We're looking for downside to move into the 0.72960 support level again today!
EUR/USD
1D Chart
Price has continued dropping towards the 61.8% fibonacci extension, and we're looking for this downside to continue. The RSI is at strong bearish levels, and the ADX is increasing, showing that this push to the downside is likely just starting.
NZD/USD
1H Chart
Price has rejected resistance at the 38.2% fibonacci retracement / previous structure, and we now look for continued downside through to the 61.8% fibonacci extension. The RSI has now broken into bearish levels.
GBP/JPY
1D Chart
Price has pulled into structure / the fibonacci golden pocket support region. We are anticipating a bounce from this zone, with the first resistance lying around the 156.00 region.
1H Chart
Price is still in a bearish structure, and this is where many retail traders would be trapped, going long before the trade is confirmed on the lower time frames. We are still bearish on this pair until we see a clear shift in structure on the 1H price chart.
