GBP/USD: pound made friends with the wedge

GBP/USD: pound made friends with the wedge

Recommendation: BUY 1,2865 SL 1,281 TP 1,3025,

SELL 1,28 SL 1,2855 TP 1,264. 

On the GBP/USD daily chart, the Bulls hit the target 88.6% of the Shark pattern. At the present moment, we may observe the transformation of the Shark pattern into 5-0. A rebound from 50% and 61.8% correction levels of the CD wave creates prerequisites for sales. However, if the bulls manage to reach 1.2995 and 1.3023 levels, there will be a continuation of the rally. 

On the GBP/USD hourly chart, there is an expanding wedge pattern. A rollback towards 50% and 61.8% levels of the 4-5 wave followed by the return of quotes to 38.2% and 50% can be used for opening long positions.


USD/JPY: the Bulls don’t want to give up

Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but narrowing channel of Tenkan-Kijun; the market is breaking out the resistance of Tenkan-sen and Kijun-sen.

AUD/USD: market is oversold

Bearish Ichimoku Cloud with falling Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen; the market is oversold and aussie may go to Tenkan-sen in correctional movement.



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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