Technical Outlook:GBP/USD prolonged streak into confluent resistanceAUD/JPY has a pleasant sequence on 4-
Technical Outlook:
- GBP/USD prolonged streak into confluent resistance
- AUD/JPY has a pleasant sequence on 4-hr chart
GBP/USD is on a ten day, potential eleven day profitable streak if as we speak holds as one other up-day. A streak in of itself will not be cause to search for a reversal, however it does present how prolonged Cable has develop into. Moreover, with confluent resistance at hand it might be on the verge of at the least taking a break. Relying on how that unfolds, it’s going to decide whether or not the confluence of the 2014/2018 trend-lines and earlier-year value resistance will act as a longer-term ceiling, or solely a cause for value to pause earlier than the pattern resumes larger. For now, danger/reward doesn’t seem favorable for brand new longs, whereas would-be shorts could also be finest served ready for momentum to show down earlier than changing into aggressively concerned.
GBP/USD Every day Chart (steadily heading larger)
GBP/USD Chart by TradingView
AUD/JPY has an fascinating set-up on the 4-hr timeframe. It’s beneath a pair of trend-lines/slopes extending larger from April and extra lately June. This comes after a rejection final week on the June excessive. The decline off the month-to-month excessive hasn’t been met with any actual effort to push it larger regardless of assist, making a horizontal sample that means the rejection might choose up extra steam to the draw back. Look ahead to an in depth beneath 74.82 for affirmation of one other leg decrease.
AUD/JPY 4-hr Chart (watch 74.82)
AUD/JPY Worth Chart by TradingView
For all of the charts we checked out, try the video above…
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—Written by Paul Robinson, Market Analyst
You’ll be able to observe Paul on Twitter at@PaulRobinsonFX