~~ The counter has completed a 5-wave bull cycle.
~~ It is now poised to make an ABC correction and break below the support 0.68655 validates it.
~~ Hence, we advise traders to go short after the support breaks.
~~ USD/JPY made a strong impulse move two weeks before.
~~ But the rally fizzled out at the high and since then the pair is retracing its move.
~~ Now, it has found support around the 103.7 mark.
~~ A move beyond the resistance 104.2 can invite bulls once again in this counter and hence we advise traders to go long as soon as the pair breaks above it.
~~ The counter has been in a steady decline for the last 3 months.
~~ Now, it has hit a strong support level which could trigger some profit booking.
~~ Further, the stochastic indicator has given a buy signal by crossing over from the oversold zone.
~~ Hence, we expect the pair to be bullish in the short-term.
~~ The counter has been on a selling spree for the last 3 months.
~~ Now, it has broken down a critical support level of 1.05620 and retested it, validating the breakdown.
~~ Hence, we expect the pair to weaken further from here.
~~ The counter is currently hovering around long-term support of 1.3000.
~~ Though the price action has been able to marginally breakdown, it is not able to follow through.
~~ Further, the stochastic indicator has made a bullish crossover from the oversold zone in the 8-h chart.
~~ Hence, we expect the bulls to push the pair to higher levels from here.
NZD/USD Technical Analysis
~~ The counter has been in a strong uptrend in the long-term charts.
~~ In the short-term charts, it is moving up in an ascending channel.
~~ Further, it is currently at the lower parallel and hence it's a good time to go long.
~~ The counter is currently in a bearish flag formation.
~~ It has formed a good base at the lower parallel and is ripe for a rally.
~~ Hence, we expect the pair to be bullish and move to the upper parallel from here.
GBP/JPY Technical Analysis
~~ The counter has been in an ascending triangle formation.
~~ Now, the range is narrowing and the pair is in a make or break situation.
~~ We expect the pair to render a bullish breakout, however, we advise traders to go long only above 140.341.
~~ As we suggested earlier in our premium analysis, the counter has formed a bearish flag formation.
~~ It has now broken down with a strong volume candle.
~~ Hence, we expect the pair to move down to lower support levels.
~~ The counter is currently forming a bullish flag pattern.
~~ It is now sliding down to the support zone placed around 1.2000.
~~ The support zone presents a good buying opportunity, however, if you are a risk-averse trader, we advise you to go long after it crosses the resistance at 1.21322.
~~ The counter has broken down a head and shoulder pattern.
~~ The pattern is right inclined which portrays extreme negativity in the counter.
~~ Hence, we expect the pair to be bearish in the short-term.
~~ The counter has been sliding down in a descending channel formation.
~~ It is now consolidating in a bear flag pattern and closing in on the upper parallel.
~~ We expect the pair to find resistance around here and then continue its downside.
GBP/USD Technical Analysis
~~ The counter has formed a cup and handle pattern in the long-term charts.
~~ There might be some consolidation in the near-term.
~~ We expect the pair to be extremely bullish in the near-term.
~~ The counter has found support at the lows.
~~ It is forming a base in the form of an inverted head and shoulder pattern.
~~ We expect the pair to soar when it crosses above the neckline. Hence, buy only above 0.89200.
EUR/USD Wave Analysis
~~ The counter is currently in a 3-wave bear cycle.
~~ Now, it has completed its wave B and is poised to commence its wave C.
~~ The engulfing bearish candle has marked the beginning of wave C and hence we expect the pair to be bearish in the near-term.