The EURUSD tried to rally during the course of the session on yesterday, but pulled back to form a shooting star. This shows that the market may continue to go sideways. The 1.15 level above is massively resistive, and it extends all the way to the 1.1650 level so we are not looking for buying this pair. However, we believe that we are more than likely to downside given enough time. However, sideways action makes sense after the strong sell off.
The GBPUSD broke out during the session on yesterday, breaking above the 1.55 level. With that, the market looks like it’s ready to go higher and head towards the 1.58 level. However, there is a significant amount of noise between here and there, so it’s going to be very difficult to buy this pair. We believe that it is easier to buying the British pound against other currencies and as a result we think that we should not trade in this market as of now as it is very noisy.
The AUDUSD did nothing during the session on yesterday, as we continued to hang just below the 0.79 level. With that, the market has a significant amount of resistance all the way to the 0.80 level, which is a massive resistance barrier. We have no interest in buying this pair, and will look for resistive candles in order to start selling. We may look for buying opportunities above the 0.83 level, as there is so much of noise in the way.
The USDJPY tried to break out to the upside during the session on yesterday, but fell far enough to form a little bit of a shooting star. The market looks like it’s ready to grind sideways and therefore we are on the sidelines. We believe that 120 level is a significant barrier. Pulling back should offer value, but at this point of time we do not want to get involved as the market simply looks like it’s ready to do nothing in the short-term.
The NZDUSD went back and forth during the course of the session on yesterday, essentially doing nothing. With that, it looks as if the market is ready to continue to go sideways as we see a significant amount of resistance at the 0.7650 level, with a support at the 0.74 level. If we break the bottom of the candle from the Tuesday session, we believe that the market would then start falling. However, in the meantime we think that it’s probably best to avoid this market.
FOREX Technical Analysis 26 FebPosted: February 26, 2015 in Forex