EUR/USD : The pair bottomed out just a shy of 1.2500 key ground. Break here might target main near-term supports at 1.2400-1.2440 region, hence to buy put options. To the upside, there are a string of resistance barriers that could cap strength and thereby create opportunities to activate put options. First threshold could be around 1.2630,previous ceiling, 20& 200 4H-MA and 61.8% retracement of 1.2822-1.2285 descend. Only above broken bear trendline at 1.2665 could be considered for buying call options with a scope to strike double high pattern at 1.2740.
GBP/USD: The cross finally sustained breakout beneath 1.5600 psych support, allowing bears to regain control. Also, the last downleg was a develop for the H&S reversal pattern seen on small frames. Buying put options is the best strategy for the time being. Failure to reclaim 1.5600 would provide another leg lower and thus to buy put options. In addition, the 1.2620-1.2650 is a crucial price area as comprises three major resistance factors including 200-H MA, 38.2% retracement of broad weakness from 1.6300 as well as the broken neckline for the mentioned bearish pattern. Should the given barriers hold to contain a fresh rally followed by a retreat below 1.5600, binary traders could make nice profits by activating aggressive put options.
USD/JPY: There is a topping scenario at 80.50 that capped upside attempt so far. It also represents 100 Day-MA. Buy a call option in case of rupture of this resistance. On the contrary, short-term supports are offered by 20 HMA and 38.2% retracement of 84.16-77.65 bear run, at 80.25 and 80.14 respectively. Break here would signal fresh weakness but conservative traders might await for a slide below 80.00 psych handle before activating put options.
USD/CHF: The cross currently struggles with the 0.9600 surrounding area. It represent a previous yearly peak and 50% retracement of the latest bearish attempt between 0.9770-0.9419. Break here would suggest fresh rally at least toward major resistance barrier around 0.9650 and thereby to favor buying call options. Below 0.9500 would weaken the corrective structure and thus buying put options.
AUD/USD: The cross lost the ground sharply Thursday along with other risk-correlated currencies. Currently consolidates losses in a tight range. There are many resistance factors to suggest renewed selling pressures, but we might select a less risky situation by awaiting the clearance of the parity which proved to be a major support line in recent trades after halted bearish development. Only above 1.0130 key pivot and previous strong support/resistance would provide a relief and suggest bullish extension.
Disclaimer
The information in the above analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument.
