NZDUSD
According to my yesterday’s projection, as a result of demand response and rejection of local support, the market broke out from the bearish channel and reached a significant resistance, where first supply reaction occurred. A permanent rejection of this zone could open the way for a downward correction. In short term, therefore, it is worth considering PUT option on this instrument.
EURGBP
As a result of today’s declines, the market has once again attempted to break support at 0.9135 level. If this time the attempt is successful (and given the dynamics of the falls, there is a big chance to make it), we could expect pair to continue this trend to at least around 0.9080. In short term, therefore, it is worth considering PUT option on this instrument.
CADJPY
According to my morning projection, due to emergence of supply-side reaction that rejected resistance at 89.65, for several consecutive hours, we witnessed dynamic decline that helped the market break local support. We are currently seeing increases, and as soon as they reach that level, and there is a supply reaction, we can expect continuation of declines. This scenario can also be explained by the fact that this resistance coincides with the 38.2% Fibonacci correction. In short term, therefore, it is worth considering PUT option on this instrument.
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USDJPY
As a result of today’s dynamic declines, market has broke the bottom of lasting for long time consolidation. If there would be a demand response in the near future, we could expect growth and rebound of the lower limit of this box. Rejection of this resistance could open the way to declines.
GBPCAD
As a result of today’s growth, the market reached area of support (now resistance), which was broken on Wednesday, where the first supply reaction occurred. Rejection of this zone could open the way to declines. In short term, therefore, it is worth considering PUT option on this instrument.
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