Pairs to Watch for Reversals This Month

Over the last couple of weeks, GBPUSD and a few other commodities have breached their recent swing highs and lows, while some have even gone on to create new All-Time Highs and Lows. In this article, we will recount a few of these commodities and trade ideas to watch out for.

USDJPY

USDJPY has recently risen above the 142 price region and is cruising well within the range of the 1998 Highs. However, we see a confluence of trendlines that may act as a resistance to usher in bearish momentum.

EURUSD

EURUSD traded slightly below its lowest price in two (2) decades but has since reacted sharply away from the lower trendline of the descending channel. Thus, we may begin to see renewed bullish pressure on EURUSD

EURUSD Monthly Timeframe.

EURUSD Daily Timeframe.

GBPUSD

GBPUSD recently created a record low after trading below 1.05 during the final week of last month (September). Price has also retested the lower trendline of the bearish wedge with a sharp reaction in favor of the bulls. We may see the bulls exert more pressure on price in the coming weeks.

AUDNZD

AUDNZD is currently trading at its highest since 2015. Here, we see a confluence of the 200-SMA and the upper trendline of the ascending channel—these factors help reinforce the bearish bias.

GBPCHF

GBPCHF is currently trading at its lowest in the last 30 years. Price breached the recent 2-year low last month but reacted sharply, closing with a huge wick resting on the lower trendline of the bearish channel. We should see some bullish impulse return to the markets soon.

CONCLUSION:

To get started trading these commodities and a few more, click here.

Author: Adetola-Freeman Ogunkunle

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