I hope you grabbed the buy trade yesterday on GBPUSD as it went up like crazy . Currently the market continues to show US dollar weakness while the Australian and New Zealand Dollars appear to gain strength. There are no clear trading opportunities today as some currency pairs are ranging ,others in extreme conditions same as trend direction, while others have trend indicators and chart patterns conflicting.
EURGBP (4-HOUR) BUY
We have our trend indicators pointing up while the market is pretty much in oversold condition. The chart pattern also shows a chart pattern in uptrend that is currently under a down wave. Keep an eye however as this down wave correction has been only 25 pips and may drop further before rising again.
EURAUD (4-HOUR) BUY
For the similar reasons as the above you may want to buy this one. An uptrend both shown in indicators and chart pattern while experiencing a down wave. As the pair has not yet reached oversold region you may see it edge a bit lower.
EURJPY (4-HOUR) SELL ?
The EURJPY has been going up like crazy . Maybe this is the top however and is an opportunity to sell now, at least on the short term. Even though the trend indicators are pointing up it can be seen that it has been struggling for quite a while to break above 107.60. What is more we have all wave indicators pointing down while the USDJPY has moved significantly downwards following a potential downtrend now. Hence it may be likely to see EURJPY drop
Read about the Trend/Wave/Extreme system here.