By Mexgroup.com

GBP/USD In The Buyers Territory

The currency pair has opened with a gap up in the early morning and reached fresh new highs. Has decreased a little, but only to close the gap. It maintains a bullish perspective on the short term because has managed to stay in the green zone. Should increase further as the USDX is expected to drop further if will stabilize under the 92.49 static support.

USDX is now pressuring the 92.49 static support, has dropped as much as 92.33 level, but has squeezed a little in the last few hours.

GBP/USD jumped higher in the morning and touched new highs, technically is expected to climb much higher in the upcoming period after the false breakdown below the upper median line (UML). The next upside target will be at the 1.3046 static resistance.

Should be attracted by the first warning line (wl1) of the ascending pitchfork after the false breakdown below the 250% Fibonacci line (ascending dotted line). Is trading within an ascending channel, so the perspective remains bullish, despite the minor retreat.Only a valid breakdown below the 1.2798 static support will confirm a further drop.

Gold Strongly Bullish

Gold edged higher after the USDX’s sell-off and looks determined to make a valid breakout above the 23.6% retracement level and to stabilize outside the extended sideways movement. The next major upside target will be at the warning line (WL1)  of the major descending pitchfork, could find temporary resistance at this level as well.

I’ve said in the previous reports that should climb much higher if the 38.2% retracement level will hold, has consolidated above this static support and has recaptured more directional energy, which will help it to hit new highs.

NZD/USD Is The Correction Completed?

NZD/USD is trading in the green right now, but failed to reach the 0.7257 Friday’s high. Has managed to come back above the red downtrend and above the minor uptrend line. Looks like that the price action is developing a Falling Wedge pattern, but this is far from being confirmed. The false breakdown below the downtrend and the uptrend has invalidated a potential Head and Shoulders for now.

By Olimpiu Tuns

Market Analyst

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