Daily analytical report (30/03/18)

2018-03-30T11:49:12

30 March

Today, we have three occasions on some exotic instruments. First up is the GBPAUD pair, which created an upwards channel /wedge formation (red lines). This kind of pattern on local highs is a rather negative sign, so we were expecting a bearish breakout yesterday. That is exactly what happened and now the price is going lower. The target is 1.7980 and the chances that we will get there are very high.
Next up is GBPJPY, which is forming a bearish wedge. We are expecting a breakout of the lower line of this formation, which should trigger a sell signal. Why? We already broke the long-term upwards trend line and the price bounced from the mid-term resistance, so the overall sentiment is bearish.
NZDJPY is creating a nice inverse head and shoulders pattern on the important long-term horizontal support. This is definitely a positive sign, but for a buy signal, we need to wait for a breakout of the neckline and the mid-term downwards trend line. Only then will opening a long position be justified.