triangle

Hi everybody! We started our late session today with a look at USDJPY, which seems for the moment trapped in a 4h triangle threatening to break anytime now – bias remains to the upside as a larger retracement wave up in this pair seems possible on the daily charts.

On EURUSD and GBPUSD we were looking for possible breakout points both ways just before the NY open, with EURUSD confirming breakout above 1.4555 or below 1.4490 (at the time of this writing EUR has already broken the upper trendline and is now facing resistance at 1.4620 with further room to go up) and GBPUSD breaking a nice upward channel on 1h just above 1.9560 (later found resistance at the 1h 200MA at 1.9625.

USDCAD was displaying a bearish setup just below 0.9950 that finally failed, EURCHF looked bullish at the time while EURJPY and GBPJPY seemed to continue the upward large retracement targeting 157.16 and 210.20 respectively (both targets almost met at this time).

Looking forward to meet you all tomorrow in the LTR for more setups, trades and market action.

Hello traders, this is the 12.30 GMT intraday technical view

EurUsd continued to make higher high and higher lows for the most part of Thursday’s session and in today’s trading hours until rumors started about bank losses in Uk that triggered a change of focus towards the US dollar, although the pair lost the points gained previously in the Asian and European trading hours it has found support close to the 61.8 Fib Line of the last move up and from there it started to slowly move higher trying to get back above 1.4700.

GbpUsd failed to reach our projected target of 2.1185 and although it made higher highs and higher lows on the 1hr timeframe, as seen in the chart below, the bulls lost some of their strength. When the Uk bank rumors got out cable lost more than 100 points in a matter of minutes and only stopped just below the 2.1000 support level. At the moment in the market there is increased volatility and we advise caution until the rumors either get confirmed of proved to be just that, rumors.

EurUsd formed a triangle on the 1hr timeframe on Monday afternoon(see chart below) and it broke out of that triangle with fury in the Asian session, the momentum pushed the pair towards the yearly high at 1.4530. In the most part of the UK session the pair traded just below the high in a small consolidation range and right as we write this intraday commentary EurUsd printed a new record high at 1.4555 and bullish momentum keeps building up.

Cable found support around the 2.0800 area yesterday, and it moved higher in the Asian session until it found resistance at a down sloping trendline. Looking at the 1hr timeframe the pair seems to be forming a triangle as it has already touched the resistance trendline two times and is now slipping lower. Usually this triangle pattern is a continuation pattern and considering the overall bullish sentiment, a breakout above the 2.0880 will be a clear sign that the up trend is still valid.