The AUD/USD and NZD/USD continue to hold near major S/R levels as June draws to a close which is bringing some of the AUD and NZD cross pairs into greater focus: EUR/AUD, GBP/NZD, EUR/NZD and GBP/NZD. Momentum generally remains low across the FX landscape which doesn’t support my TC system but, none the less, here are a few charts showing what I’m looking for with some of these cross pairs.
AUD/USD: still in a daily triangle but also holding near the major 0.74 level. Any close above this for June would be slightly bullish:
NZD/USD: This is also in a triangle of sorts but holding above major 0.70 S/R. Any close above this for June would be slightly bullish I’m adjusting the 4hr triangle trend lines whilst momentum is below 20 but watch for any breakout that evolves with increased momentum:
GBP/USD: this remains bearish whilst it trades below 1.35, the GFC low:
Cross Pairs in Focus:
EUR/AUD: watching the 4hr chart for any triangle breakout, up or down, that evolves with increased momentum:
GBP/AUD: watching for any new bearish TC signal and break of 1.77 S/R for a possible move down to test 1.75 fib and S/R support. This would be about a 200 pip move:
EUR/NZD: this pair is currently below the longer-term 61.8% fib and I’m watching for any new TC signal that might evolve. A bearish signal would have me looking for a test of the 1.50 region as this is an S/R zone and near the next fib. This is an ambitious target over 600 pips away though:
GBP/NZD: I’m watching for any new TC signal here and, if it’s bearish, I’ll be looking for a test of the 1.77 region. This is a most ambitious target though as it’s over 1000 pips away!