Daily Market Analysis

There’s a possible flat pattern in wave (ii). Therefore, bulls are likely gong to deliver an impulse in wave c of (ii) during the day.

The 34 Moving Average acted as a resistance, so we’ve got a “High Wave”. However, there’s also a “Morning Star”.

The lower “Window” has acted as a support, so the market is likely going to test the 34 Moving Average in the short term.

There’s a developing “Triangle”, so the market is likely going to achieve the nearest resistance at 1.2547.

Bears faced a support at 1.0639. Also, there’s a “Triple Bottom”, so the market is likely going to rise towards the 34 Moving Average.

AUD/NZD reversed from support area Next buy target - 1…

CAD/JPY reached sell target 82…

As we can see on the one-hour chart, there’s a bearish impulse in wave (i). So, we could have wave (ii) in the short term.

There’re a bullish “Engulfing” and a “Tower”, so bulls are likely going to test the nearest “Window” during the day.

The lower “Window” has acted as a support, so we’ve got a “Hammer” pattern, but its confirmation is a quite weak.

Trade scenarios for EUR/USD, GBP/USD and AUD/USD based on key option levels.

There’s a consolidation under Moving Averages. Also, we’ve got a “Pennant”, which is likely going to be transformed into a “Flag”.