GBP/USD: bulls try to restore the trend

GBP/USD: bulls try to restore the trend

On the GBP/USD daily chart, bulls retained the hold of the support at 1.286. The pin bar formation increases the risks of uptrend restoration towards1.307. There is a target 161.8% in the AB = CD. To develop a correction, the bears need to retest the upper boundary of the previous consolidation range (1.277-1.286).

On the GBP/USD hourly chart, after the fulfillment of the Crab pattern, an inverted Shark pattern was formed. Its 61.8% target corresponds to the lower border of the previous consolidation channel 1.2935-1.2975. Once it is fulfilled, the bears regain their strength.  


USD/JPY: Dollar will continue downtrend

Bearish Ichimoku Cloud with horizontal Senkou Span A and B; a weak goldean cross of Tenkan-sen and Kijun-sen with horizontal lines; the prices are on the weak Kijun’s support.

AUD/USD: aussie under strong resistance

Bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; a market is overbought and under the strong resistance of 0.8030.

USD/JPY: Dollar in correction to Cloud

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but narrowing channel Tenkan-Kijun; the market is in correction phase.


Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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