Another week of predictions and today I have a potential opportunity on GbpJpy to take a deeper look into as well as my usual 4 pair portfolio. So lets get straight into the premarket.
Starting on the EurUsd we are still in a bearish downtrend on the daily. We have been moving sideways this last week but rejecting the minor first red zone. If we get some sort of downtrend and breaks downwards then it would be something I look to get involved at but not a clear opportunity as of yet. FTBs would be welcome on this pair because of the bearish bias but we will see what happens. GbpUsd is in a similar position in terms of me having a slightly more bearish bias especially if we break that first red zone I think there is room to go lower. Until then I just sit and wait and act on anything else presented to me in the meantime whether it is patterns or FTBs.
AudUsd is going to be a quick one by just saying I have no intrest in this whatsoever. The large wick really ruins any prediction for either direction for me so theres that. GbpAud however we have had a push down from resistance and we are currently moving sideways in a bit of a channel. I would be interested in whichever direction we break out to assuming there is still room to go. So that wraps up my porfolio this week but I wanted to take a look into GbpJpy as I think there is opportunity on it.
As you see on the daily we have broken to the downside of our triangle type. We do have room to go slightly lower but are currently at a level wchich I dont think can be ignored that much. It will be much clearer on the 4hr and I am not surprised we are beginning to stall but I think we can still push down.
As you see we have failed to break the low of that minor level and have got quite a few indecision candles right now. 3 things are possible as we are currently. We either break down and carry downwards straight to the level or with pullbacks. A pullback into the previous area where we had our trianglea and then come back down or go up to that zone and just carry on higher. As I said with my bearish bias I would predict a small pullback first then a continuation lower. However I do feel like we can just dribble down to the red line. Thats it for this weeks predictions. Will see how these play out for friday and hopefully its a better week in the market.