AUD/JPY looks exposed
AUD/JPY formed a “shooting star” candlestickon the W1. This week, it’s testing levels below the 50-week MA at 75.45.
GBP/USD is near support
Trade idea
SELL 1.2790; TP 1.2730; SL 1.2815
GBP/USD formed a lower high at the start of this month, pressured by the strong resistance in the 1.30 area. The Awesome Oscillator is declining on the D1. The decline below support at 1.28 will confirm a “double top” and lead the price down to 1.2730 (50-week MA) and 1.2700 (200-day MA). There will likely be demand for the pound at these levels limiting the further decline.
The short-term downtrend creates resistance around 1.2850 and 1.2880 (50- and 100-period MAs on the H4). An increase above the latter is needed to allow GBP/USD retest 1.2950 (resistance line connecting October and November highs).
Elizabeth Belugina
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