Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
NZD/USD: kiwi lost power
SELL 0.7185 SL 0.724 TP1 0.7085 TP2 0.703 TP3 0.696
SELL 0.73 SL 0.7355 TP1 0.72 TP2 0.7085 TP3 0.703
On the daily chart of NZD/USD, the inability of bulls to keep the pair above the upper border of the 0.7185-0.735 consolidation range signaled their weakness and triggered the “Shakeout-Fakeout” pattern. A break of support at 0.7185 will open the way down to bears.
On H1, bears attacked as NZD/USD formed the “Spike and ledge” pattern. After it reached 88.6% target of the “Shark” patterns, the odds of a pullback to 38.2% and 50% of the wave CD increased.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.
While biotech companies are struggling to find the vaccine, investors make bets who’ll win this race.
There are many things happening in the UK. What is the strategic outlook for the GBP?
The Australian dollar set a strong upward trend over a month. Will AUD loose its gains soon?