MarketBreakdown | GBPUSD, NZDUSD, GBPJPY, AUDNZD
here is a brief technical outlook of 4 peculiar instruments in my watch list.
1️⃣ GBPUSD - Daily time frame
GBPUSD is still a dark horse to me.
Analyzing a price action on a daily, I am still struggling to identify a directional bias on the pair.
It looks like the market participants are still waiting for some trigger in order to decide where to push the market.
For now, for intraday/local swing trading, consider a bullish flag pattern on 12H.
Being within the market remains locally bearish ,
its bullish breakout may trigger a local bullish movement,
2️⃣ NZDUSD - Daily time frame
The market is currently consolidating.
The price is stuck within a quite wide horizontal trading range.
0.71 - 0.715 is its resistance.
0.688 - 0.69 is its support.
For now, consider the boundaries of the range for consolidation trading.
To catch the next swing move, wait for the breakout of the range (preferably to the downside)
3️⃣ GBPJPY - Daily time frame
Similar to NZDUSD , GBPJPY is in a consolidation.
The price formed a huge double top with equal lows on a daily.
153.3 - 153.5 is our closest resistance.
151.0 is our closest support.
Again, consider the boundaries of the range for pullback trading.
To catch a swing, wait for range's support/resistance breakout.
4️⃣AUDNZD - Weekly time frame
Bearish rally on AUDNZD continues.
Ahead is major weekly structure support .
Watch carefully 1.042 level and look for a confirmation to catch a pullback from there.