MarketBreakdown | SILVER (XAGUSD), GBPJPY, AUDNZD, NZDJPY
here is a brief technical outlook of 4 peculiar instruments to watch this week.
1️⃣ Silver ( XAGUSD ) - Monthly time frame
The price is approaching a key monthly structure.
21.6 - 22.1 is a zone from where I expect a pullback.
Look for a confirmation on lower time frames to buy wisely.
2️⃣ GBPJPY - Weekly time frame
Though during the summertime the pair was trading in a bearish trend ,
ahead is a key weekly rising trend line .
Approaching that, a pullback will be expected.
Alternatively, its bearish breakout will lead to a strong bearish rally.
3️⃣ AUDNZD - Daily time frame
The pair keeps falling.
Trading within a falling parallel channel the price is close to its support.
Being quite oversold, chances are high to see a pullback from that.
For trend-following opportunities wait for a test of the channel's resistance,
for now, it is the closest point to sell from.
4️⃣ NZDJPY - Weekly time frame
The pair has recently retested a major broken weekly trend line .
Showing a positive, bearish reaction from that the outlook for the market is very bearish ,
most likely the fall will continue.