This week for the GBPUSD, we are looking at one of the most ignored timeframes of all time – the M30 chart! The M30 chart is most often ignored as traders prefer the M5 or M15 chart but nonetheless, chart formations on the M30 chart can be used to trade as well, especially if the formation is especially clear – like the double top for the GBPUSD. While the second top did close a little higher than the first one, in my opinion it can still be traded. The level we are interested in here is 1.3030, I am however bullish on this pair and I believe the level will not hold if tested.
It’s back to the basics for the AUDUSD pair as we again want to trade the long-time resistance level of 0.7740! This level has been tested over and over again and now we see the level finally coming into sight. I am bullish on this pair but do look for a strong close of at least 40-50 pips above this level before confirming any break of the resistance.
EUR/USD finally made a breakthrough and reached the highest levels in over a year. Is this the beginning of a longer trend? The first week of July features PMIs and the ECB meeting minutes. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD
The AUDUSD pair has a good resistance, it is the reverse for the EURUSD! We are looking at a good support this week for the EURUSD and the level here to take note would be 1.140. It is however, noteworthy to mention that this level is found on the M15 chart and an attempt to break below it would not have to be extremely strong for it to succeed! It is however still possible to take 30-40 pips away as profits for this trade.
Dollar/yen drifted to the upside, as the Bank of Japan was left alone as the most dovish central bank. Has the downtrend channel been broken for good? We are still within the wider range: 108.10 to 114.30, but higher.
The trades highlighted this week were simple, and this goes for the USDJPY pair as well! Instead of a horizontal support or resistance, we are looking at a trend line resistance. The area to note here would be around the 113.00 area as the pair may create a third point to confirm this trend line as resistance. I am however bullish on this pair and I do not believe the trend line will form. Look for a break above to continue any long trades.