The USD/JPY pair bounced from its support zone on a 30 minute frame. This support zone was given in our analysis yesterday. The price has broken the upward channel (shown in orange lines) which represents the weakness for the price action. The pair is also trading below the 50-day and the 100-day moving averages which mean the bulls have lost their control.
Read MoreGBP/USD- Could a Double Top stop this upward move!
Bull Case
The GBP/USD pair has completed its ascending triangle pattern (shown by orange lines) on a 30 minute. This was mentioned in our daily briefing analysis yesterday. The price is trading well above the 50-day and 100-day moving averages which means that the bulls are still very much in control. The price action is also trading above the upward trend line and it has not violated this trend line which represents that the upward trend is still intact and it is strong.
Read MoreBear Case
The AUD/USD pair has broken its major support on a daily time frame. The price is trading well below the 50-day and 100-day moving averages which represents a strong weakness in the price action. The pair is also trading below its downward trend line which further strengthens the above argument. As the price action is very weak, this could easily push the price towards its next support level which is near the 0.9167 level.
Read MoreThe USD/JPY pair fell from its resistance zone on a 30 minute frame. This resistance zone was given in our analysis yesterday. The price has broken the upward trend line (shown in white) which represents the weakness for the price action. The pair is also trading below the 50-day and above the 100-day moving averages which means the bulls are losing their control.
Read MoreThe USD/JPY pair has formed a fresh support zone (mentioned below) on a 30 minute frame and it has bounced strongly back up from this level. The price action is trading above the 50-day and 100-day moving averages which means the bulls are strongly in control of the price action. The pair is also trading above the upward trend line and it has not broken this trend line so far, which represents a further strength for this trend.
Read MoreThe EUR/USD pair fell from its resistance level on a 30 minute time frame. This resistance level was given in our analysis on Friday. The price is trading within the descending triangle pattern and if this pattern does play out completely it could easily push the price towards the 1.3056 level. The EUR/USD pair has also broken the upward trend line which represents the weakness in the price.
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