Although we have some retracement lately, I believe the downtrend is not over yet. A retest of 110.0 is still possible before further down moves.
So I am bearish this pair but I think a retrace back up to 110 is still possible.
USDJPY – The US Dollar is gaining ground against the Japanese Yen. All looks happy and dandy for the USDJPY bulls at the moment. Every day is a Sunday and they can smell the flowers while trading on their desk.
But how long can this elevated move in the USDJPY sustain itself?
If you look at the daily chart above, it is quite clear that we are in a down trend. We...
EURAUD - Here is an idea to go long on this pair on the daily timeframe.
This pair has formed a Higher Low (HL) and has broken resistance zone at 1.487.
You can also see that that zone is the neckline of an inverse head and shoulders pattern. Another reason supporting a buy trade.
MACD histogram is above zero line and supporting a bullish trend although the...