Looking at the weekly trading chart of GBP/NZD it can be observed that the pair is consolidating for long and is also range bound, which signifies that in whichever direction the breakout is going to be in a sharp move can be expected. This picture becomes clearer as we look into daily chart. GBP/NZD is trading in a rising wedge pattern facing strong resistance at upper levels of 1.99936 (around) signalling selling pressure. Levels of 1.96417(around) are providing as a support zone for the pair and they are being retested many times. RSI being below 50 is also indicating pressure of bears for the pair, however MACD is still in its positive crossover.

Considering the strong resistance faced by the GBP/NZD at the 1.99936 levels also the support levels being retested many times, a trade on sell side can be taken once a breakout is given. EMA 50 and RSI are also providing selling signals. The downtrend is still not that clear so the entry can be made in upcoming trading sessions. For a short position wait for GBP/NZD to break its support level of 1.96417 with a retest, then a position can be made targeting 1.90477 levels while keeping stoploss at 1.97142

GBP/NZD

It can be clearly seen that EUR/GBP has retested 0.85424 levels forming a long wick candle rejection on the 4H time frame continuously forming higher highs and higher lows. A strong uptrend is supported by the Golden crossover of EMA 50 and EMA 200. RSI being above 50 also showing buying signals however MACD is still in its bearish zone. Even on the daily time frame a strong bullish trend is observed supported by bullish MACD and RSI signals. The pair has also taken support from its 200 EMA on the day chart and still trading above it. Considering all the patterns furter level of  0.86695 can be expected to be touched by EUR/GBP

As the pair has already given the retest at 0.85424 levels, the trend is clearly bullish supported by golden EMA crossover a long entry can be made at the current price level on 4H time frame with a potential target around 0.86695 levels

EUR/GBP

On the weekly basis, EURUSD has formed a double top patter showing a strong resistance at 1.22644 level. The pair has broken its neckline at 1.7041 with a strong bearish candle stick, just below the neckline a strong support zone of 1.6121 can also be seen. On the daily basis, the chart pattern is trading sideways forming lower highs and lower lows indicating a downtrend supported by EMA death crossover with MACD at -0.00394. Again at the 4H time frame EURUSD is trading below its EMA 50 as well as EMA 200 also facing strong resistance at 1.7041 zone, which is the neckline of the double top pattern.

Supported by a double top pattern on the weekly time frame with a minor breakout below the neckline of the pattern the pair is giving sell signals supported by MACD at -0.00566. On the daily time frame the neckline is serving as a resistance zone for the pair providing the indication that the pair will be soon heading towards 1.6121 which is a major support level on the weekly as well as daily time frame. If the pair gives a breakout below 1.6121 with a retest, a steep fall for the pair can surely be anticipated. Though the overall trend is bearish there are still possibilities for the pair to take support around 1.7041 if it moves upward, as it is a strong support level which is currently acting as a resistance. The strength of reversal can be anticipated with the sharpness of the move and candle stick pattern. The major levels should be taken into consideration while executing the trades.

EUR/USD

A beautiful chart clearly showing a bullish trend. EUR/USD has broken its trendline on 30 min time frame,  the pair has taken support from 1.17040 level giving a retest in upward direction. A golden crossover of EMA 50 and EMA 200 is supporting the uptrend with RSI and MACD at 0.0067 and 60.86608 respectively.

Entry can be taken on the current levels for the potential target of 1.17764. It is a great short term long opportunity to grab.

NOTE- This is not a long term trend. The traders should execute trade keeping this in mind. It is a short term reversal patter as of now

Taking support from the level of  84.666 CAD/JPY is giving a strong reverasal signal on the daily chart forming a dragon fly doji followed  by a strong green bullish candle. Though the trend is still not purely bullish, but a clear cut buying signal can be anticipated from upcoming levels.  The pair has a resistance zone around 86.661 level. The chart on the 4H time frame is looking good to make an entry after the breakout of resistance zone of 86.66 which is also somewhere near at 50% Fibonacci levels, also MACD is at -0.184 giving buying signals and RSI at 57.619 which is quite neutral.

Considering the strong reversal pattern on the weekly as well as on daily chart supported by positive numbers by indicators a long trade entry can be made in CAD/JPY. After a retest on the 50% Fibonacci level a long positional entry can be  made keeping a potential target of 88.037and stoploss at 86.218.

Vrinda Bhadula

Vrinda Bhadula

Aug 24 2021

GBP/NZD

2

Vrinda Bhadula

Aug 24 2021

EUR/GBP

2

Vrinda Bhadula

Aug 24 2021

EUR/USD

2

Vrinda Bhadula

Aug 23 2021

EUR/USD

2

Vrinda Bhadula

Aug 23 2021

CAD/JPY

2