GBP/AUD: 1-hour
Anybody gutsy enough to take a countertrend forex setup? You might wanna look at this ascending channel on GBP/AUD’s 1-hour time frame because the pair is just about to test the resistance! Price is nearing the 2.1400 major psychological level, which might keep further gains in check and send the pair back down to the bottom of the channel around the 2.1100 mark. Stochastic is indicating overbought conditions so pound bulls might need to take a break and let sellers take over. The 100 SMA is still above the 200 SMA, though, which means that the uptrend could stay intact and that an upside break might be possible. If you’re hoping to catch the long-term trend at a better price, you could still wait for a bounce off the middle of the channel or the bottom.
Recommended Content
Editors’ Picks
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.