EURGBP

Sterling bears have acted as an engine which continue to provide the EURGBP with enough momentum to venture towards the 0.80 resistance. This pair has become increasingly bullish on the daily timeframe as there have been consistently higher highs and higher lows while the MACD trades to the upside. Prices have found comfort above the daily 20 SMA and a breakout above 0.795 should open the gates to 0.80. This reactive combination of EUR strength and Sterling weakness continues to provide bullish investors the inspiration to keep this pair buoyed. Bulls have enough breathing room if a correction was to materialize with prices remaining firmly bullish as long as the 0.77 support defends.

NZDUSD

The struggle is visible but the NZDUSD bulls are prevailing in this tug of war which has caused prices to move erratically. This pair is more skewed to the upside and Dollar weakness may act as a catalyst which could provide the foundation for buyers to send this pair back towards 0.6800 in the medium term. From a technical standpoint, prices are hugging the daily 20 SMA while the MACD trades to the upside. A decisive break back above 0.6700 should open a path towards 0.6850. This bullish outlook remains valid as long as bulls can defend 0.6550.

GBPCHF

The growing anxieties over the immeasurable impacts of a Brexit to the UK economy have offered enough encouragement for bearish investors to continually attack the Sterling and this can be viewed in the GBPCHF. This pair is quite bearish on the daily timeframe as prices are trading below the daily 20 SMA while the MACD also trades to the downside. A breakdown below 1.375 should open a path towards 1.350. This bearish setup remains valid as long as prices can keep below 1.4050.

CADJPY

 

The CADJPY sunk towards 85.00 and may be set to sink lower as the risk-off trading environment increases appetite for the safe-haven Japanese Yen. This pair was already under pressure and a breakdown below 85.00 may open a path towards 82.00 and potentially lower. From a technical standpoint, prices are on the verge of trading below the daily 20 SMA while the MACD shows signs of weakness.  A daily close below 85.00 may encourage bears to send prices lower towards 82.00.

USDZAR

 

This pair is heavily bearish on the daily timeframe as prices are trading below both the 20 and 50 SMA while the MACD has also crossed to the downside. A breakdown below 15.10 should encourage sellers to send prices towards 14.80

 

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.