Strong support at around 1.2974 that has been tested several times on the 4hr chart. Also on the fundamental side, inflation beat expectations coming in at 1.8% YoY vs 1.6% and -0.3% MoM vs -0.4% expected.
GDP for the UK beat expectations for YoY and QoQ, as well as a descending trendline turning into support on the 4hr/1hr chart. Looking to complete double bottom pattern to 1.936
From a fundamental side, some recent promising data should be enough to deter the BoE to cut interest rates, at least for the time being. Backed up by comments from Christopher Dembik, Head of Macro Analysis at Saxo Bank, and Bloomberg’s Jill Ward.
On a technical side, we have the price rejecting the downward trendline, as well as the horizontal line at the...
Shorted AUD/JPY from 75.625 at the top of a descending channel, fundamental analysis suggests a move to safe havens due to the recent news of a potential outbreak in China, as well as existing environmental issues weighing on Australia. initial target 75.00, potential of 74.00
On the daily chart , the price is respecting the trendline , and a long-legged doji is forming on the 4hr. We will be monitoring the price action in this area to confirm the long position. Alternatively, the price could drop sharply below the trendline , in which case we can look at a short position on the retest. Bear in mind the CPI release for the U.S tomorrow...
Currently sitting on a 26 RSI, daily and 4hr chart shows that the bears are losing ground. We also have a respected trendline which is currently being tested for the third time.
We are at the 50% fibonacci retracement from the recent high, confirmed by a hammer on the 1hr chart. Looking to exit near first resistance level of 0.6994 and stop loss set below recent low of 0.6930.
