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Daily Market Overview and Trade Ideas

TraderTalk | GBP Surges as August Rate hike On Cards | 22nd easyMarkets

-GBP/USD surges on surprise 6-3 vote for no hike as market expecting 2-7 and the chief economist of the Bank of england switched vote to hike

-EUR/USD spikes from 1.1500 as US data surprises negative

-US stocks feel for 4th day as sentiment sours slowly

Daily Trading Ideas

EURGBP approaching resistance, potential for drop!

EURGBP is approaching our first resistance at 0.8771 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) and a strong reaction might occur below this level, pushing price down to our major support at 0.8697 (horizontal swing low support, 100% Fibonacci extension, 61.8% Fibonacci retracement). A breakout below our intermediate support at 0.8723 (horizontal swing low support, 78.6% Fibonacci retracement) might provide the bearish acceleration to our major support target.

Stochastic (21,5,3) is reacting off our resistance we might see a further corresponding drop in price.

See enlarged image at: https://www.tradingview.com/chart/EURGBP/Hwz7KK5y-EURGBP-approaching-resistance-potential-for-drop/

AUDCAD approaching resistance, potential drop!

AUDCAD is approaching our first resistance at 0.9838 (horizontal swing high resistance, 50% Fibonacci retracement, short term descending resistance line) where a strong reaction might occur below this level pushing price down to our major support at 0.9745 (horizontal swing low support, 100% Fibonacci extension, 50% Fibonacci retracement).

Stochastic (55,5,3) is also approaching its resistance and a reaction off this level might see a corresponding drop in price.

See enlarged image at: https://www.tradingview.com/chart/AUDCAD/o5WNJGT3-AUDCAD-approaching-resistance-potential-drop/

AUDNZD approaching resistance, potential drop!

AUDNZD is approaching our first resistance at 1.0779 (horizontal overlap resistance, 38.2%, 50% Fibonacci retracement, 100% Fibonacci extension, Elliot wave structure) where a strong reaction might occur below this level pushing price down to our major support at 1.0602 (horizontal overlap support, 100% Fibonacci extension, 76.4% Fibonacci retracement). A breakout below our intermediate support at 1.0667 (horizontal overlap support, 61.8% Fibonacci extension) might provide the bearish acceleration to our major support level.

Stochastic (89,5,3) is also approaching its resistance and a reaction off this level might see a corresponding drop in price.

See enlarged image at: https://www.tradingview.com/chart/AUDNZD/UiicDZFu-AUDNZD-approaching-resistance-potential-drop/

NZDUSD testing resistance, potential drop!

NZDUSD is testing our first resistance at 0.6883 (horizontal overlap resistance, 23.6% Fibonacci retracement, 100% Fibonacci extension) where a strong reaction might occur below this level pushing price down to our major support at 0.6829 (horizontal swing low support). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.

RSI (%5) is also approaching its resistance and a reaction off this level might see a corresponding drop in price.

See enlarged image at: https://www.tradingview.com/chart/NZDUSD/PJAworEO-NZDUSD-testing-resistance-potential-drop/

easyMarkets / APAC Dealing Team


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