MarketBreakdown | GBPUSD, EURUSD, NZDUSD, EURNZD
here is a brief technical outlook of 4 peculiar instruments in my watch list.
1️⃣ GBPUSD - Daily time frame
With a very bullish trading day yesterday,
GBPUSD surely broke and closed above a falling trend line .
That breakout matches with a violation of 1.378 - 1.38 horizontal structure resistance cluster.
Now, being bullish biased, I will wait for an occasional retest of a broken trend line to buy the pair.
Next goal for buyers, 1.387
2️⃣ EURUSD - Daily time frame
The price has violated a resistance line of an expanding wedge pattern.
Being heavily overbought I would expect a slight retracement and then a bullish continuation to 1.19 / 1.195 (next two strong daily resistances).
broken trend line of the wedge ,
1.18 horizontal structure
3️⃣ NZDUSD - 3 days time frame
The pair keeps growing.
Ahead is a strong daily supply zone .
0.711 - 0.716 is a wide historical resistance cluster.
Being heavily overbought I will expect a pullback from that area.
Also, remember that since February the pair is trading in a bearish trend ,
so for now this bullish rally is considered to be a correctional movement.
4️⃣ EURNZD - 3 days time frame
The pair is currently ranging.
1.66 - 1.716 is a wide horizontal consolidation area where the price is stuck.
Soon the price will approach its support.
I will look for a confirmation on a lower time frame to buy from there.
Alternatively, bearish breakout of the range's support will trigger a bearish continuation,
so if you are bearish biased, that will be your signal to short.