GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.
EUR/USD gets ready for a breakout
SELL 1.1155; TP 1.11; SL 1.1170
BUY 1.1255; TP1 1.1295; TP2 1.1340; SL 1.1235
EUR/USD is consolidating in a sideways horizontal range with a slight bearish bias. Consolidations like this are always followed by breakouts. It’s necessary though to put the entry levels at a reasonable distance from the current price so that a slightly broader consolidation doesn’t accidentally trigger the order.
Although EUR/USD rebounded from support in the 1.11 area last week, the 100- and 50-day MAs in the 1.1220/40 area seem like a hard obstacle for bulls. An advance above the last week’s high (1.1250) is needed to open the way for a bigger bullish correction. The downside, on the other hand, is guarded by 1.1160.
AUD/JPY has reached the support line connecting August and October lows in the 73.30 area. What's next?
After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.
The USD started the day dropping against the Canadian dollar, now on a bullish reversal.