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- Indices consolidate at their highs in the last trading session of the week.
- Swiss Franc shows the first reversal signals, Pound and Euro still consolidate.
- GBPNZD – The bearish momentum remains.
- EURAUD – Develops a potential Bullish 2B pattern.
Indices consolidate at their highs in the last trading session of the week.
After having reached the highest level since January, the FTSE 100 price is rejecting the resistance level retracing to the bullish trend-line. Oscillators show bearish divergences, warning about the trend exhaustion. The leading RSI indicator still keeps the bullish bias for the current trend. We keep our eyes on the 8,000 points mark as a psychological resistance. Invalidation level is at 7,486 pts.
The DAX 30 continues with its bullish momentum and now consolidates the breakout above the latest sideways structure (13,034 pts). The RSI oscillator still shows that the trend is upward. The pending bullish target is at 13,250 points. Invalidation level of the bullish cycle still rests at 12,665 points.
Swiss Franc shows the first reversal signals, Pound and Euro still consolidate.
The EURUSD continues consolidating in a Potential Reversal Zone. On the other hand, RSI is showing bullish divergence as an indication of exhaustion of downward movement. However, as long as the price does not break above the trend-line and move above 1.1810, we maintain the bearish bias. The invalidation level of the bearish cycle is at 1.1996.
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GBPUSD, the price continues moving in the sideways range and showing its intention to break down towards our Potential Reversal Zone. The RSI oscillator shows the bearish momentum continues. Invalidation level 1.3617.
After moving sideways for nine days, USDCHF is breaking down the consolidation range. We expect the Swiss Currency to reach the 0.9920 level, in agreement with its bearish divergence. RSI also shows bearish signals supporting the corrective scenario.
GBPNZD – The bearish momentum remains. The GBPNZD cross continues developing the bearish movement towards the long-term bullish trend-line. As was observed in our May 16th Daily Report (read more), the next target level for the current bearish move is 1.9388; the invalidation level is 1.9663.
EURAUD – Developing a potential Bullish 2B pattern.
We see a potential Bullish 2B Pattern on the EURAUD, which could be activated as long as the price breaks out of 1.5721 level, with a target at 1.5888. The price is moving at the bottom of the long-term upward trend-line. The invalidation level of this bullish scenario is 1.5654.
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