How to handle a transition phase
The market is still in a transition because the USD is losing strength
and the other currencies are about to break their downtrend.
So these 4 major pairs are about to establish a new D1 trend.
Let's have a look at the charts of these four pairs.
AUDUSD - Currency strength confirms our findings and there is enough space before we hit the next resistance
GBPUSD - This pair is completely stuck in a heavy cluster of SR levels. We have to wait until the situation becomes clear.
NZDUSD - This pair has been pushed by the RBNZ statement and provides a chance to move further upwards.
USDCAD - We see a decreasing strength Delta and the next support level is right ahead.
Conclusion: The market is still in an unclear stage and these trades are experimental examples.
We clearly recommend to wait until the majors and their trends from M5 up to D1 are in line.
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Daniel
