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Technical Update - EURUSD warming up for bullish trend. GBPUSD broken bullish. USDJPY range bound wait for break out
Kim Cramer Larsson
Technical Analyst, Saxo Bank
EURUSD seems to be warming up for another go at the strong resistance at around 1.09. The 100 DMA has crossed over the 200 and since the are both ascending it is called a Gold Cross indicating underlying bullish trend and sentiment.
If RSI is closing above 60 it will further confirm bullish picture.
A daily close above 1.09 is likely to fuel a rally to the 0.618 retracement at 1.0970 possibly testing resistance at 1.10.
A close below 1.07 will reverse the trend GBPUSD (Cable as it was called in the old days) yesterday closed above resistance at 1.27 establishing an uptrend. An RSI close above 60 will confirm that scenario
Next resistance at around 1.2775 and 1.2828. The latter is not the strongest resistance and if broken there is upside potential to 1.2945 - 1.30 resistance
The 100 DMA is close to crossing over the 200 and since they are both ascending it is a sign of strong underlying short- to medium-term bullish trend.
Such a cross I called a Gold Cross
A close below 1.26 will demolish the bullish trend
USDJPY seems caught range bound between 150.90 and 149.20, break out needed for direction.
A bullish break out could fuel a rally to 151.95 possibly higher
RSI still showing positive sentiment but is also a bit directionless not giving any real indication of the break out direction