A double top formation has occurred in the Gbp/Usd hourly chart and I am anticipating a decline of over 50 pips today.
Traders can position themselves as short gbpusd and target 1.3750 as take profit level.
Cad/Jpy could potentially drop 500 pips as the uptrend was very fast and impulsive and now it seems like the rally can fizzle out very soon.
I am expecting a huge decline in Cadjpy over the next month as positioning myself as net short in this pair
GbpUsd has reached a demand area and price is in a stage of consolidation.
There could be an impulse to the upside from this demand area.
Buy 1.41 level , Sl: 1.4065 and TP : 1.4182.
Aud/Jpy is touching the top of the upper trend line
of the channel and a reversal candle has formed.
So, there is a big probability that price will drop to
84.40 soon.
Eur/Jpy is unable to break the 130.50 level strongly.
So, price may pullback and reach the support level near
129.50. This is a short term sell set-up.
Gbp/Usd has found resistance at the 1.3980 level.
Price is unable to break out of the upper trend line.
So, expecting a drop towards 1.39 and 1.38 very soon.
Currently, the price of EUR/USD is at 1.1955 level. This is good level to
buy with low risk as price is in a support level and there can be a rebound
very soon.
If a bullish reversal happens, then 1.2100 will be the first target for the buyers.
AUD/USD has created a double bottom at the 0.77 level.
So, this is a good opportunity to buy the dip and target 0.7830
as first TP and eventually, we can get to the 0.80 level as well.
GBPUSD can't break the 1.2450 barrier and there are multiple rejections on the daily timeframe.
So, the bulls are weakening and the chances of a drop below 1.20 is increasing.
Dollar demand will push GBPUSD below 1.20 which gives sellers opportunity to make 400 pips gain.
It looks like EURUSD is heading for fresh yearly lows and the important level of 1.05 will be reached.
Dollar demand seems to be quite high which will push EURUSD towards 1.05.
