TRENDING:

XAU/USD

Silver

The Watchlist: GBP/JPY, EUR/USD, CHF/JPY and more setups in the making

Ross J Burland FXStreet

The watchlist for the week ahead consists of a couple of compelling day trading opportunities for the open as well as plenty of action down the line following the higher volatility and sharp moves of last week.

We have GBP/JPY, and GBP/CHF (correlated pairs) for which are priorities of the list for the open, while swing trading opportunities are located in EUR/USD, AUD/USD, CHF/JPY, GBP/CHF, GBP/AUD and EUR/AUD.

GBP/JPY hourly chart

The price made a higher high only to pull back to test old resistance turned support. Bulls could well re-engage at this juncture.

A -61.8% Fibonacci measurement of correction offers 149.40 as an upside target.

15-min chart

Conditions on the 15-min chart are mixed with MACD in positive territory while the price is below the 21 moving average and resistance. If price moves higher in the open and breaks resistance, there are high probabilities of a higher-high for the sessions ahead, as there are for GBP/CHF:

GBP/CHF hourly chart

15-min chart

EUR/USD daily chart

The M-formation is a bullish pattern where the price would be expected to revert back to test the neckline and prior support, or, to at least the 38.2% Fibonacci level.

EUR/USD hourly chart

There is some work to do yet while the price is below the 21-moving average. However, a period of consolidation and a gradual grind to the upside would be expected to draw in the MA and offer more favourably bullish technical conditions.

We have a similar situation in AUD/USD:

CHF/JPY daily chart

The price has been rejected at the neckline of the M-formation and would be now expected to deteriorate in a fresh daily impulse to the downside.

4-hour chart

In clearing support, the price would be expected to restest the structure and the commitments of the bears at the 21-moving average.

EUR/AUD, daily chart

With the price meeting resistance, there is a high probability that the bears will retest the bull's commitments at old resistance which has a confluence with the 62% Fibonacci retracement.

The hourly chart can be monitored for bearish technical conditions

AUD/CAD daily chart

1-hour chart

The price action will determine bullish conditions on a break of the current resistance from which bulls can begin to look for a bullish structure to form for an optimal entry point to target old support and the neckline of the M-formation.

The reverse can be said of GBP/AUD:

GBP/AUD daily chart

GBP/AUD hourly chart

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.