AUDUSD- In a support Zone on a Daily Time Frame

Bull case

The AUDUSD pair has entered in its minor support zone on a daily time frame. The price has pierced the Bollinger band and the volatility for the pair remains high as the price is trading well below its 20 day moving average. The piercing of a Bollinger band has an importance at an important level of support/resistance, and the AUDUSD pair is at a minor level of support which could push the price back towards its mean. The RSI is trading in an extreme oversold zone which could also be considered as an odd enhancer for a bull case.

Technical Analysis

GBPUSD- Bounced from its Support Zone as predicted

Bull Scenario

The GBPUSD pair is bouncing from its major support zone which was given in our analysis on the 10th of May. The price action also pierced the Bollinger band at this level support. The piercing of the Bollinger band has a significant importance at an important level of support or resistance amongst traders. The RSI is showing a clear sign of deflection in relation to the price action which means that the price is making the lower low but, the RSI is making a higher high. Therefore, the bias could be towards the upside.

Technical Analysis