Day: May 6, 2018

GBPUSD has fallen rather significantly for three consecutive weeks, and we can see that an important uptrend has been broken. This is a very important development for this pair. Week economic data from UK has contributed to this, in addition to the strength of US Dollar. Trading Preference Preference is to sell the pair. It is possible that the pair can bounce up and test the trend line before the continuation of the move to the downside. However, break below last week’s low can also be a good opportunity to…

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AUDUSD traded around 0.7500 which is an important area of support. At times the dips went as low as 0.74725. However the break below the support was not sustained and hence the pair bounced back above 0.7500. When we look at the weekly chart, this has been translated into a hammer. Trading preference The hammer is bullish sign, therefore it is possible that the pair can go to test the uptrend line before continuing its fall towards support and even below after that. The preference of trading at this point…

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