Price action on USDJPY has formed a falling wedge and we are wondering if it has reached the bottom as the Stochastic Oscillator is showing an oversold signal.
If we look at the Daily Chart we can see why we consider the falling wedge as a bullish continuation pattern as price action has been rising on USDJPY since the beginning of the year.
We see a huge Double Top or Head and Shoulders pattern on the EURUSD Weekly Chart so this might take a while to show us a direction.
If price action breaks the neckline we could see many levels of support on the way down.
Looking at the last several weeks of price action on EURNZD, we see a series of Double Tops and Double Bottoms.
Price is currently at a key level which has been the Neckline almost every time.
We need to see a break of this level of support before price actin falls to the next levels.
We see quite a few opportunities with AUD pairs so please watch your trend lines, indicators and levels of support and resistance.
For example, both AUDCHF and AUDJPY are trending down and price action is rising to the upper trend line so we may look to sell the bounce.
As promised last week, we took another look at the China A50 and, as we thought, price action reversed from the post-COVID 61.8% Fibonacci level of support and reversed.
While we may offer market commentary based on fundamental or technical analysis, we do not offer trading advice and cannot be held liable for any decisions taken by viewers and readers of our material.
Recommended Content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.