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: the pound is not afraid of waves
TP1 1.326 TP2 1.3435 TP3 1.35
On the daily chart of GBP/USD, the pair keeps reaching targets of the “Wolfe waves” pattern. To reach the 1.343 target, the pair needs to break the diagonal resistance (the upper boundary of the downward channel). At the same time, the rebound will give an initiative to bears.
On H1, there are senior and junior “Wolfe waves” patterns. Targets of both of them form the 1.332-1.334 convergence. To reach it, bulls need to break the resistance near 1.316.
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.
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
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