Daily Market Analysis

The inability of bulls to overcome resistance at 23.6% of the wave 4-5 and lead the pair out of the descending trade channel points at their weakness.

Bearish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen.

Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with rising Kijun-sen.

On the daily chart of NZD/USD, after the pair reached the 88.6% target of the “Bat” pattern, it rebounded to 23.6%, 38.2% and 50% of the CD wave.

On the daily chart of AUD/USD, after the pair reached 88.6% target of the “Shark” pattern, it rebounded to 23.6%, 38.2% and 50% of the CD wave within its transformation to 5-0.

Bearish Ichimoku Cloud, but rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with a rising Kijun-sen

Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines

On the daily chart of EUR/GBP, bulls are ready to get the pair out of the 0.8700-0.8825 consolidation range (a “ledge”) within the ‘Spike and ledge” pattern on the basis of 1-2-3.

Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a cancelled dead cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen; the market is in correction to the Cloud.

Expanding bullish Ichimoku Cloud with rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen; the market returned inside a Cloud, but may continue uptrend.

On the daily chart of USD/JPY, a “Shark” is transforming into 5-0. Pullbacks towards 23.6%, 38.2% and 50% of the wave CD are usually used for opening long positions.

This increases the risks of a pullback to the lower border of the 129.15-132.15 consolidation range. To continue moving down, bears have to renew May low.