Forex

Technical Analysis Based on Breakout – Long Usd towards 118.00

USDJPY – Down Technical Observation Recently, on June 15th Usd broke out above the three exponential moving averages, retraced back to the red moving average and is still being confined above them. Unless there’s a clear breakout below the lower 56 Exponential moving average, I expect a move upwards. A break below the middle moving average will mean waiting for a break below the lower moving average (56) to short Usd towards 111.85. On the opposite I expect a rise towards 118.00 and may continue upwards. Technical levels: Resistance levels R1: 113.43 R2: 113.74 R3: 114.31 Pivot 113.16 Support Levels S1: 112.02 S2: 112.59 S3: 112.86 Trade Signal Long Usd towards 118.00
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Technical Analysis Based on Breakout – Only buy Gbp upon a clear breakout above 1.2975

GBPUSD – Flat Technical Observation Recently, a false breakout was seen when Gbp broke below 1.2922 and instead of continuation short as said earlier, the price merely tested this line but failed to sustain this breakout. As at the moment, I’m only waiting for a clear breakout above the hourly resistance line 1.2975 to long Gbp towards 1.3023. Unless 1.2975 is clearly broken to the upper side, I expect a rally downwards towards 1.2922. On the hourly chart above, long positions looks more ideal upon a breakout above 1.2975 or on a rejection from 1.2922. Technical levels: Resistance levels R1: 1.2994 R2: 1.3019 R3: 1.3079 Pivot 1.2959 Support Levels S1: 1.2838 S2: 1.2898 S3: 1.2933 Trade Signal Wait for a breakout above 1.2975 to long Gbp towards 1.3023
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