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GBP/USD, EUR/JPY, AUD/USD: Best Pairs To Provide Sustainable Moves

GBP/USD, EUR/JPY, AUD/USD: Best Pairs To Provide Sustainable Moves

Not everything went quite to plan on Friday, although there has been no break of any impulsive structure, but more of an alternative development that occasionally happens. However, if I am right, then this alternative raises the risk of more short-term volatility. This tends to suggest a fairly tight range day – or part of a day – before we can begin to see more movement. Even then, assuming my outlook is correct, once we’re through that stage, there will still be risk of some apparent range trading, but which should be the base construction for the next move. Therefore, it appears that we’re going to see a relatively slow start to the week – and perhaps potentially the first half of the week, before a more directional move can develop.

If I am to pick a pair that could see a more directional bias, then it’s GBP/USD. It has satisfied the double top target, so is now free agent. There is a chance it could still mimic the range trading outlook, but I tend to feel it has more legs than the others and could see a more directional move. Therefore, keep a keen eye on this pair and be prepared to jump on for a ride.

The same can be said of the Aussie. It saw a modestly deep correction higher, but whipped back lower again and this should still see further losses. It may not be a single sharp move, so be prepared for some ups and downs, but I don’t think it has completed its decline yet…

As for USD/JPY, it took the alternative route to see stronger gains to approach the 121.63 high. At this point, hourly momentum remains bullish while 4-hour momentum has slowed considerably. This could be a warning sign… That EUR/JPY managed only a mild move higher and then extended losses was not a complete surprise, we have an hourly bullish pergence but 4-hour momentum appears to still possess bearish intentions. Keep a keen eye on this one…

Best pairs to provide a more sustainable move – even if not robust – are GBP/USD and EUR/JPY – possibly AUD/USD.

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