NZD/JPY has performed well this month forming higher lows and highs. It was supported by the 50-day MA in July and took off from that level.
USD/BRL is breaking down
SELL at 3.75/3.71; TP 3.6760; TP2 3.62; SL 3.7800
USD/BRL is a wild currency pair. However, it can make big moves and so is worth occasional trading.
The pair met very strong resistance at 3.9450. The picture on W1 looks very much like the “Head and Shoulders” with the neckline at 3.68 or 3.56. The pattern is not confirmed yet, but the pair will be drawn to the 50-week MA and the previous support at 3.6760. The next level to watch will be at 3.62.
On D1, the pair closed below the 200-day MA (3.78). Selling pressure will remain until USD/BRL stays below this resistance.
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...
GBP/JPY reversed from resistance zone Next sell target - 149…
If we see a pullback from the lower 'Window', the pair is likely going to test the nearest Moving Averages...