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On Thursday, we went long the GBP/JPY at 130.65 as the pair looked likely to test, and then break above the 10-day SMA as daily studies last week indicated that the pair was oversold. Currently, it has indeed broken above this simple moving average to reach a high of 133.28 on Friday. Looking at the 1 hr/30-day chart, the pair seems to be supported by a short-term rising trend, and in my view still seems poised to test pivot resistance at 132.99. However, with the pair currently trading at 132.81, we will look to lock in profits and move our stop up from 130.08 to 131.3, with our target still at 134.13. – MW
This Monday, stock markets and futures exchanges in the United States are closed for Memorial Day holiday. Therefore, after currency-trading.ch/”title=”forex” >forex.com/category/euro/”title=”euro” >Europe closes, currency markets may be more volatile than usual due to illiquid markets and thinner BID/ASK sizes. That said, I expect the dollar to gain some strength later in the week and ahead of the highly anticipated non-farm payrolls to be reported by the United States Bureau of Labor. As always, please make an intelligent use of leverage and always uses stops.
AUDUSD has put in a Shooting Star bearish candlestick formation below resistance at 0.8547, the 38.2% Fibonacci retracement of the 04/30-05/25 downswing. Confirmation of a reversal lower requires a convincing bearish close on the current candle and I will monitor prices closely for an attractive short entry opportunity.
