MarketBreakdown | USDJPY, EURNZD, GBPAUD, AUDUSD
here is a brief technical outlook of 4 peculiar instruments in my watch list.
1️⃣ USDJPY - Monthly time frame 🇺🇸🇯🇵
What a crazy bullish rally on yen pairs.
For many days USDJPY is unstoppable.
Being heavily overbought, the price is approaching a key monthly structure now.
114.5 - 115.0 is a supply cluster on focus.
Chances will be high to see at least a pullback from that.
2️⃣ GBPAUD - Daily time frame 🇬🇧🇦🇺
GBPAUD remains bearish .
Recently the price broke and closed below key daily structure support .
Trading within a falling channel , a further decline is expected to lower structure levels.
Consider the boundaries of a channel for your trend-following/counter-trend entries.
3️⃣ EURNZD - Weekly time frame 🇪🇺🇳🇿
1.631 is key weekly structure support .
Look for a confirmation on lower time frames to catch a pullback.
Alternatively, its bearish breakout will lead to a strong bearish rally.
For trend-following trading short the breakout.
4️⃣ AUDUSD - Daily time frame 🇦🇺🇺🇸
The pair is growing throughout October.
Being relatively overbought the market is approaching a key daily structure resistance .
0.7475 is a key level on focus.
Look for confirmation on lower time frames to short the pair.
*By confirmation I mean a reversal pattern being formed on 4h/1h time frames.