The GBP/USD pair fell from its resistance zone on a 30 minute time frame as predicted. This resistance zone was given in our analysis yesterday. The price has formed a symmetrical triangle pattern in an uptrend and historically speaking, these patterns do break in the direction of the trend. If this pattern does play out completely we could easily see the price near the off white rectangle.
Read MoreThe GBP/USD pair is approaching towards its resistance zone (mentioned below) on a 30 minute time frame. The price action is trading above the 50 day (shown in green) and the 100-Day (shown in yellow) moving averages which show that the bulls have taken the control. The volatility for the pair is high as the price is trading far from the 20-day MA and it has pierced the Bollinger band. The piercing of the Bollinger band does have a significant importance at an important level of support/resistance and it could reverse the trend or push the price back/up towards its mean.
Read MoreThe USD/JPY pair completed its bullish pattern to the upside on a 30 minute time frame as predicted. This bullish pattern and move to the upside was predicted in our analysis on 12th July. The price is trading below the 50 day (shown in green) and trading near the 100 day (shown in yellow) moving averages which confirms that the bulls are losing their control. If the price action does break the 100 day moving average than the bias could be to the down side.
Read MoreThe EUR/USD pair is trading in a downward channel on a 30 minute time frame. The price is challenging the upper line of the channel which means that the bulls are trying to break this channel towards the upside. Moreover, the price is trading above the 50 day (shown in green) and 100day (shown in yellow) moving averages which further confirms that the bulls have taken the control and there is a change in momentum from the bears to the bulls.
Read MoreThe GBP/USD pair has broken its descending triangle on a 30 minute time frame. If this pattern does play out completely, then it could easily push the price toward the 1.4919 level which is also close to its minor support zone (mentioned below).
Read MoreThe USD/JPY pair has formed a symmetrical triangle pattern on a 30 minute time frame. If this pattern does break out towards the upside it could easily push the price towards the yellow rectangle shown on the chart. Historically speaking, symmetrical triangles do break towards the upside in an upward trend. However, if this does break towards the downside, then the price could go towards the pink rectangle shown on the chart.
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