Here’s the market outlook: Content courtesy of Tallinex Limited https://www.tallinex.com
Here is our latest market analysis update:
- EUR/GBP rising inside intermediate impulse wave (3)
- Next buy target – 0.8700
EUR/GBP continues to rise inside the intermediate impulse wave (3), which started earlier from the support zone lying between the pivotal support level 0.8450 (which reversed the price with the daily Japanese candlesticks reversal pattern Hammer at the start of January, as can be seen from the daily EUR/GBP chart below) and the lower daily Bollinger Band. The active impulse wave (3) belongs to the longer-term upward impulse wave ③ from the start of December. EUR/GBP is expected to rise further to the next buy target at the resistance level 0.8700.
- GBP/CHF falling inside minor impulse wave 3
- Next sell target - 1.2180
GBP/CHF has been falling in the last few trading sessions inside the minor impulse wave 3, which started earlier – when the pair reversed down from the resistance zone lying between the resistance level 1.2630 (which reversed the earlier minor correction (ii) with the daily Japanese candlesticks reversal pattern Shooting Star), upper daily Bollinger Band and the 61.8% Fibonacci retracement of the previous sharp downward impulse 1 from the start of December. GBP/CHF is expected to fall to the next sell target at the support level 1.2180 (which reversed previous impulse 1).
- GBP/JPY reversed from resistance zone
- Next sell target – 138.00
GBP/JPY recently reversed down from the resistance zone lying between the resistance level 145.00 (which also previously reversed the price at the start of January), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse (1). The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Evening Star – which marked the start of the active impulse weave (3). GBP/JPY is likely to fall to the next sell target at the support level 138.00 (which stopped the previous impulse wave (1)).
- NZD/JPY reversed from strong resistance level 83.80
- Next sell target – 82.00
NZD/JPY recently reversed down from the strong resistance level 83.80 (which also stopped the previous minor impulse wave 1 with the daily Evening Star in the middle of December). The resistance zone near the resistance level 83.80 was strengthened by the upper daily Bollinger Band. The latest downward reversal from the resistance level 83.80 created the daily Bearish Engulfing candlesticks reversal pattern. With the bearish divergence visible on the daily RSI indicator - NZD/JPY is expected to correct down further to the next sell target at the support level 82.00.
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