EURUSD – Euro/dollar downtrend intact, watching for selling opportunity
GBPUSD – Sterling/dollar sell-off potentially setting up
The GBPUSD is currently trading near 1.2335; a level we have been watching and discussing in recent commentaries. After trading down through that level two weeks ago, price retraced back up to test it late last week, but as we can see by the false-break that occurred on Friday, bears are defending this level quite aggressively. We retain a bearish bias on this pair and would consider a short entry if a solid 1 hour, 4 hour or daily chart price action sell signal forms near current levels this week.
AUDUSD - Aussie/dollar rotates back up to resistance level
The AUDUSD remains in a downtrend overall, but did rotate higher last week, up to resistance near 0.7310. We wouldn't be surprised to see price try to move up and re-test key resistance up near 0.7505. We still favor the short side in this pair and will wait for a clear price action sell signal to form near resistance levels before jumping back in.
NZDUSD – Kiwi/dollar makes false-breakout, potential downside movement in store
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