There are some setups worth watching in the coming days, such as the following:
GBPUSD: recent sell-offs are suggesting that more pressure on the trendline around 1.6150 is likely, and current lower-highs formation is intact – therefore keep an eye on the highlighted resistance zone if current recovery continues. I think it’s worth looking for selling opportunities around 1.6400 if the recovery extends higher and such candlesticks are exactly what to wait for. Selling on the break lower is also a decent plan, at least in theory.
- GBPUSD daily chart 6-13-2011
EURGBP: current sell-off is quite strong, as seen in the daily chart below, and the pair appears headed for more weakness – .8650/60 being the next important support zone.
- EURGBP daily chart 6-13-2011
USDJPY: 61.8% retrace value of last up leg is providing support at 80, which is under pressure since a week ago. Will it hold? Well, I don’t think so, and will carefully watch this 80 zone.
- USDJPY daily chart 6-13-2011
NZDUSD: uptrend is still strong if we look at the whole picture but maybe it’s time for a new correction, and this support zone at .8100 is quite fragile, so it’s worth to consider selling on break below with a target @.7800.
- NZDUSD daily chart 6-13-2011
AUDJPY: Risk sensitive pairs such as AUDJPY are being hurt by declining equities, so a break below 84.50 is possible – following USDJPY below 80.
- AUDJPY daily chart 6-13-2011