Outlook on some Majors ~ forex market news international
USDCAD
The downward pressure is still on USDCAD and the pair is still respecting the downward trendline on the weekly chart. Every attempt to rise met resistance at the 50 point mark. History has shown no currency pair remain low for ever.
Recommendation:
Wait for price to fall back to the 30 point mark on the daily chart and watch out for the 50 point mark to take profit or lock your profit.
GBPJPY
GBPJPY is stll continuing its upward movement from 125.45 As I mentioned earlier the pair usually move at least a 1000 pips divided in 500 pips to complete a circle. The current move is expected to reach around 134-135 area. Price is currently bouncing between 70 and 50 point mark.
Recommendation:
Wait for price to rise back to 70 point mark, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit. Personally I would prefer to short around 134-135. I actually have a pendind order at 135.00 for almost three weeks.
GBPUSD
GBPUSD broke out of the concrete zone this week to touch 1.62796 to complete almost a 1000 pips move. The pressure is to the downside. Price is currently bouncing between 70 and 50 point mark.
Recommendation:
SELL. Wait for price to rise back to 70 point mark on the daily chart, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit. Remember whenever a daily candle opens and clososes outside the concrete zone the direction is confirmed.
AUDUSD
AUDUSD us currently trading between 1.02411 and 0.95092 (our current concrete zone). The middle of the zone is established at 0.98038. Price is currently bouncing between 70 and 50 point mark.
Recommendation:
SELL. Wait for price to rise back to 70 point mark, sell and watch out for the 50 point mark on Daily RSI to take or lock your profit.
The relevant daily and weekly charts for these pairs are attached. Enjoy your trading!
More info for Outlook on some Majors ~ forex market news international:
