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.
Trade ideas for EUR/JPY
BUY 122.30; TP 122.75; SL 122.20
SELL 122.05; TP 121.75; SL 122.15
EUR/JPY formed a “hammer” candlestick on D1. This is a sign of a potential short-term correction to the upside. Notice though that you have to be careful with a counter-trend trade like this as bears still dominate the market. Buying is possible above 122.30 with a target at 122.75 (the declining resistance line). If EUR/JPY falls below 122.05, it will likely revisit the recent low.
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.
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