EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.
GBP/USD looks persistent
2020-08-04 • Updated
GBP/USD formed a pin bar with a long lower shadow. This may mean that buyers are ready to resume the uptrend – a least to make the price test the recent high near 1.3160. We would pick the 1.3110 mark for entering a buy trade. Support levels lie at 1.3050 and 1.3000.
Trade idea for GBP/USD
BUY 1.3115; TP 1.3160; SL 1.3100
USD/JPY is declining for the fifth day in a row. When the pair fell below 105.00, it entered a new, lower range.
The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.
USD/JPY has been rising for almost a week except for Monday, but the strong resistance of the 50-day moving average at 105.80 may stop it from moving higher.
BoA released the report with the bullish forecast for the S&P 500 and shared its technical analysis. Let's discuss it in detail.
EUR/USD has violated the first resistance trendline area 1.1680