NZD/JPY: watch the resistance
NZD/JPY has performed well this month forming higher lows and highs. It was supported by the 50-day MA in July and took off from that level.
AUD/USD: bulls are out of their cage
Recommendation:
BUY 0.7425
SL 0.7370
TP1 0.7525 TP2 0.7600 TP3 0.7640
On the daily chart of AUD/USD, bulls managed to counterattack and trigger the “Shark” pattern. If they manage to settle above 0.7450, the odds of the rally’s continuation towards the upper border of the downtrend channel will increase. Its break will allow the Aussie to count on the advance to targets of “Wolfe waves” pattern.
On H1 of AUD/USD, there’s a “Broadening wedge” pattern. Pullbacks to 23.6%, 38.2% and 50% of the wave 4-5 are usually used for long positions.
Ivan Karamazov
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EUR/JPY: the trend is bearish
EUR/JPY broke the support line connecting June lows and thus resumed the downtrend which has been in place since the start of 2018.
EUR/AUD reversed down
EUR/AUD is currently testing the support line from the start of 2017.
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