MarketBreakdown | GBPUSD, USDJPY, AUDUSD, S&P500
1️⃣ GBPUSD - 18H time frame
GBPUSD is currently one of the most boring major forex pairs.
The price remains stuck within a horizontal trading range trading in a global bullish trend .
Recently the support of the range has been reached, now it looks like buyers will try to retest it again.
For intraday scalping consider the boundaries of the range:
Resistance: 1.42 - 1425
Support: 1.408 - 1.41
For swing trading, wait for its bullish breakout.
2️⃣ USDJPY - Daily time frame
The market remains bullish .
The price is trading within a rising wedge pattern.
The pair is quite close to its support.
I will look for trend-following buying opportunities from there.
Being short-biased, look for a wedge breakout.
3️⃣ AUDUSD - 12H time frame
The pair is trading within a wide falling parallel channel .
Now the price is testing its resistance.
For now, bias remains bearish and the price is forming a head and shoulders pattern on an hourly time frame confirming that.
Closest strong support - 0.765
For buying opportunities let the price break and close above the channel's resistance first.
4️⃣ S&P500 - Daily time frame
The price is close to all times market high.
With a sequence of higher lows, we see a clear sign of a bullish accumulation.
I will be not surprised if the price will break that to the upside.