The GBPJPY experienced a bullish trading session on Wednesday with prices trading over 100 pips to the upside. The pair is technically bullish on the daily timeframe as higher highs and higher lows have been consistently created. Prices have found some support above the daily 20 SMA and the MACD has also crossed to the upside, all in line with the bullish view on the GBPJPY. The current bullish channel may provide Pound bulls the foundation to breach the 187.50 resistance. A solid breakout above the 187.50 resistance may further motivate traders to begin pricing an eventual incline to the 191.00 level.
The GBPCHF is on the road to recovery as it posts its third day of gains. This pair remains technically bullish on the daily timeframe as long as prices can keep above the 1.5100 support. The MACD has crossed to the upside and prices are trading above the daily 20 and 200 SMA. If today’s daily candle closes positive then there may be a three white soldier candlestick formation, which is a bullish signal. Prices may continue to incline to the next relevant resistance at 1.5400.
This pair is technically bearish on the daily timeframe and both leading and lagging indicators marry this view. The EURCAD is trading below the daily 20 SMA and the MACD trades deep into the downside. Since the strong bearish engulfment on the 28th of October, there have been consistent lower lows and lower and lower highs. A breakdown below the 1.4200 support may open a path to the next relevant support at 1.4000.
The CADJPY is in the process of turning technically bullish on the daily timeframe. The pair has respected the upwards trend line and prices have found some support above the daily 20 SMA. There needs to be a solid breakout above the 93.00 resistance and this may promote a further incline to the next relevant level based at 94.00. A move back below 91.50 may suggest some bullish weakness in this pair.
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