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Daily Market Overview and Trade Ideas
TraderTalk | AUD leads the charge on US China trade progress | easyMarkets 22nd May
-USD hit new highs but reverses in US session
-Stocks Surge on China-US trade progress
-GBP/USD remains near lows as Pound woes continue
Daily Trading Ideas
AUDUSD testing major resistance, potential reversal from here!
AUDUSD is testing major resistance at 0.7599 (Fibonacci retracement, multiple Fibonacci extension) and a strong reaction could occur at this level to push prices down to major support at 0.7546 (Fibonacci retracement, horizontal pullback support).
Stochastic (55,5,3) is seeing major resistance below 97% where a corresponding reaction could occur.
See enlarged version at: https://www.tradingview.com/chart/AUDUSD/XS7fkfbL-AUDUSD-testing-major-resistance-potential-reversal-from-here/
AUDJPY approaching major resistance, prepare for a potential drop!
AUDJPY is rising strongly and approaching major 1st resistance at 84.81 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance) and a strong reaction could occur at this level to push prices all the way down to major support at 82.96 (Fibonacci retracement, Fibonacci extension).
Stochastic (55,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.
See enlarged version at: https://www.tradingview.com/chart/AUDUSD/BE1p8yOM-AUDJPY-approaching-major-resistance-prepare-for-a-potential-dro/
CADJPY testing major resistance, prepare for a potentially huge reversal!
CADJPY is testing major 1st resistance at 87.34 (Fibonacci retracement, multiple Fibonacci extension, horizontal pullback resistance) and a strong reaction could occur at this level to push prices all the way down to major support at 80.58 (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance at 98% where a corresponding reaction could occur.
See enlarged version at: https://www.tradingview.com/chart/AUDUSD/VdrCr23F-CADJPY-testing-major-resistance-prepare-for-a-potentially-huge/
GBPJPY dropping perfectly as expected, potential for further drop once support breaks!
GBPJPY has dropped nicely from our major resistance and has broken below support-turned-resistance line at 149.12 (horizontal overlap resistance, Fibonacci retracement). However, we’re seeing intermediate ascending support that needs to be broken to trigger a bearish acceleration downwards towards 148.38 before 147.14 major support (Fibonacci extension, horizontal swing low support).
RSI (89) has made a bearish exit which is a precursor that price might similarly break its ascending support.
See enlarged version at: https://www.tradingview.com/chart/AUDUSD/Yw2jvh1R-GBPJPY-dropping-perfectly-as-expected-potential-for-further-dro/
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