The failed to continued it’s bearish momentum yesterday. The pair failed to move below 131.00 area, topped at 133.05 and closed at 132.94. On h4 chart below we can see that the pair is technically a mess as after break below the bullish channel (blue) and go inside the bearish channel (red) the pair is now back outside the bearish channel, which is for me a no trading zone, although the bias is bullish in nearest term testing 134.36. Immediate resistance is seen at 133.20 area. Consistent move above that area should trigger further bullish momentum towards 134.36. Initial support at 132.00 area.
The GBPJPY bearish momentum was paused yesterday. The pair attempted to push lower, bottomed at 149.88 but whipsawed to the upside and closed higher at 150.62. The bias is bullish in nearest term testing 152.30 area but I still prefer a bearish scenario, so I will stay out for now. Immediate support at 150.80 area. Break below that area should trigger further bearish momentum re-testing 149.88 area (yesterday’s low).
The AUDUSD made indecisive movement yesterday, formed a Doji on daily chart. On h1 chart below we can see that the pair actually still trapped in range area of 0.8674 – 0.8570 area (0% – 23.6% Fibo retracement of 0.8239 – 0.8674) indicating consolidation but still in bullish context. I still prefer a bullish scenario but I think it’s better to stay out for now. The best place to put a long position is still around 0.8500 area with a tight stop loss. CCI just cross the 100 line down on h1 chart suggesting potential downside pressure.