EUR/USD – Price setting up for a reversal before pushing higher
Last week we were looking for short term sell trend as strong bearish pin bar was shown in EUR/USD daily chart, the buying momentum was too strong that price continued to create higher high and reached weekly resistance at 1.25400 area. This week, we will still expect for a short term pullback as daily has shown 2 pin bar rejection near the resistance zone. However, the short term sell trend will be only confirmed upon the break of daily swing 1. For buyer, it is too high for a buy trade now and the safe way is to buy after pullback.
NZD/USD – Price hit TP2 and short term reversal expected
Referring to previous break of daily swing points, the pending buy orders were triggered and TP2 was hit before price rejected down. This week, we are expecting another reversal as price is now at daily resistance zone. However, due to counter trend, only sell upon break of daily swing points and to not hold long.
EUR/JPY – Strong selling momentum
In the previous week, both daily swing points for EUR/JPY were broken, indicating a high possibility of trend reversal or the uptrend has came to an end. Looking into daily charts, we can see multiple rejection at our pending sell order area, which means that sellers has started to come in and this would be a good potential swing trade to hold.
GBP/JPY – Strong sell momentum and possible trend reversal
GBP/JPY has been in strong uptrend for the past few weeks due to Brexit issues and weakening of the Yen. However, there is possibility of trend reversal as price has now gone over-extended and there is a break of daily swing 1. A break of daily swing 2 will further confirm the reversal trend and we can start to look for sell signal after a clear break.
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