European stocks traded slightly lower on Friday afternoon
The NZD/JPY pair is trading within the cloud. A failed attempt to move higher will push the market to exit the Kumo, confirming a bearish scenario.
GBP/CHF looks vulnerable
Trade idea
SELL 1.2885; TP 1.2800; SL 1.2915
GBP/CHF found resistance in the 1.3100 area (resistance line connecting July and November highs). Only the support of the 100-week MA/200-day MA in the 1.2900 region keeps the pair from falling down to 1.28 and 1.2710 — 38.2% and 50% Fibonacci retracements of the December-January advance. On D1, 100- and 50-day MAs coincide with these levels as well. In addition, yesterday’s bearish candlestick with long upper wick points at the strength of sellers.
Elizabeth Belugina
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Global PMIs will be released today
The NZD/JPY pair is now poised to exit the Kumo. If that happens, the currency pair will enter into a new bearish sentiment.
GBP/USD looks persistent
GBP/USD formed a pin bar with a long lower shadow – a short-term bullish sign.
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