MarketBreakdown | EURUSD, EURJPY, GBPCAD, GBPNZD

30 août

Here are the updates & outlook for multiple instruments in my watch list.

1️⃣ EURUSD daily time frame 🇪🇺🇺🇸

EURUSD looks heavily overbought after a recent strong bullish rally.
The price started a correctional movement and broke a solid rising trend line.
I think that the pair will continue the correction to lower levels.

2️⃣ EURJPY daily time frame 🇪🇺🇯🇵

I see a classic bearish accumulation pattern - a descending triangle formation.
Bearish breakout of the neckline of the pattern and a daily candle close below
that will be an important event that will most likely trigger a strong bearish reaction.

Alternatively, a bullish breakout of a trend line can be a strong bullish signal

3️⃣GBPCAD daily time frame 🇬🇧🇨🇦

The price formed an inverted cup & handle pattern after a test of a key daily
horizontal resistance.

A breakout of the neckline of the pattern signifies a highly probable continuation
of a retracement from the underlined read area.

4️⃣ GBPNZD daily time frame 🇬🇧🇳🇿

I see a confirmed breakout of a neckline of a huge descending triangle formation.
The broken structure and a falling trend line compose a contracting supply zone now.

I will expect a bearish movement from that to lower structure levels.

Do you agree with my market breakdown?

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