MarketBreakdown | GBPUSD, USDJPY, AUDUSD, S&P500
Updated
1️⃣ GBPUSD - 18H time frame 🇬🇧🇺🇸
GBPUSD is currently one of the most boring major forex pairs.
The price remains stuck within a horizontal trading range trading in a global bullish trend.
Recently the support of the range has been reached, now it looks like buyers will try to retest it again.
For intraday scalping consider the boundaries of the range:
Resistance: 1.42 - 1425
Support: 1.408 - 1.41
For swing trading, wait for its bullish breakout.
2️⃣ USDJPY - Daily time frame 🇺🇸🇯🇵
The market remains bullish.
The price is trading within a rising wedge pattern.
The pair is quite close to its support.
I will look for trend-following buying opportunities from there.
Being short-biased, look for a wedge breakout.
3️⃣ AUDUSD - 12H time frame 🇦🇺🇺🇸
The pair is trading within a wide falling parallel channel.
Now the price is testing its resistance.
For now, bias remains bearish and the price is forming a head and shoulders pattern on an hourly time frame confirming that.
Closest strong support - 0.765
For buying opportunities let the price break and close above the channel's resistance first.
4️⃣ S&P500 - Daily time frame
The price is close to all times market high.
With a sequence of higher lows, we see a clear sign of a bullish accumulation.
I will be not surprised if the price will break that to the upside.
Pumping continues.
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