Daily Market Pick - 28th July, 2023
Cjc Markets Nigeria
CJC Markets - Authorised Brokerage Firm by Australia Security & Investment Commission amongst other regulatory bodies.
Today is the last trading day of the week. What opportunities can you take today to have a great weekend? Let's see.
EURUSD
The EUR/USD pair shows bullish momentum, above a key ascending trend line, indicating potential for more gains. A potential scenario is a bounce off the 1st support at 1.0975, aiming for the 1st resistance. This support aligns with 50% and 78.6% Fibonacci levels, forming Fibonacci confluence. The 2nd support at 1.0882 also exhibits Fibonacci confluence. On the upside, 1st resistance is at 1.1022, with 2nd resistance at 1.1146. Bullish divergence in the RSI hints at an upcoming bounce.
GBPUSD
The GBP/USD pair currently shows a bearish trend below a significant descending trend line, suggesting potential for further bearish momentum. The price may head towards the 1st support at 1.2755, a key overlap support that could temporarily halt the decline. If the bearish momentum persists, the 2nd support at 1.2591, another overlap support, may provide further security. On the upside, the 1st resistance at 1.2838 acts as pullback resistance, while the 2nd resistance at 1.2996, a swing-high resistance, could pose a substantial challenge to any upward movement.
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AUDUSD
The AUD/USD chart exhibits strong bearish momentum after breaking below an ascending support line, signaling potential for further decline. A bearish scenario could target the 1st support at 0.6655, aligned with the 78.60% Fibonacci retracement. The 2nd support at 0.6598 acts as an additional overlap support. On the upside, the 1st resistance at 0.6716 is a crucial overlap resistance, with the 2nd resistance at 0.6736 serving as another significant barrier.
NZDUSD
The NZD/USD chart shows weak bullish momentum with low confidence. A potential scenario suggests a short-term drop towards the 1st support at 0.6166, followed by a bounce towards the 1st resistance at 0.6222. The 1st support is a significant overlap support, and the 2nd support at 0.6108 coincides with the 61.80% Fibonacci Projection. On the upside, the 1st resistance at 0.6222 is a crucial overlap resistance, with the 2nd resistance at 0.6265 acting as a pullback resistance and coinciding with the 38.20% Fibonacci Retracement.
Thanks for reading. Have a great weekend!