Reported at 0800hrs SGT
GJ/ GU
GJ rebounded off EMA100 on Tuesday and rebound off EMA55 yesterday. It went on north to test the resistance at 214.
Now WMA5 lies between EMA21 and EMA200 -212.9 and 211.9. Of course, the further constraint is at 214 and EMA100 at 210.6.
Looking at how GBP perform - especially on GBPUSD, which nearly hit a year low. It has only one last support - 1.940 and the question is whether it can rebound?
The USD has been strengthening for the last 3 weeks and it should do a breather.
In my opinion, GU may test 1.94 and that will push GJ up to test 214. EU has reached EMA200 and will definitely take a breather. Therefore GJ may not have the momentum to run towards 215.
GJ
GU
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