AUDJPY has been trading within a descending channel after creating a high around 98.500. This formation has caused price to break below previous structure low levels until forming a double bottom at the 50 fib level of the weekly bullish impulse wave. This price action could suggest that buyers are starting to gain interest in this market however there isn't momentum to the upside to confirm that. As such, traders are waiting for a clear breakout to the upside before looking for bullish trading opportunities.
(UPDATE) - EURGBP has failed to retest the counter-trendline and continue dropping. At the moment the market is trading inbetween the resistance and the support zone with no clear direction as yet. Traders are keeping this pair on their watchlist for a possible break above the resistance or a break below the trendline and support to confirm the next move.
EURNZD recently rejected the 61.8 fib level of the previous bullish impulse wave. Price further went on and broke above the previous structure high levels to the upside and overall forming higher highs and higher lows and confirmed bullish momentum. At the moment the market is forming a bullish continuation pattern and as such, traders are looking for bullish trading opportunities.