GBPUSD has broken out and near term focus is on the median ine near 1.2800 with significant longer term upside potential. Support should now be 1.2420s or so, which is the top side of the line crosses recent highs.
5/28 – GBPUSD has regained 1.2300, which is a positive. The ‘real’ bullish signal in my view however would be a break above the magenta parallel, which has been support and resistance since April. That line is basically now so pay attention! In the event of a breakout, immediate focus would be on the median line near 1.2800.
NZDUSD has broken above the cente line of the channel from the March low. That top side of this line should now provide support near .6245. Confidence in the median line as support is high given that the line was resistance the four previous days and on 5/20. The 200 day average is just above at .6311 but the next important level on the upside in my view is the 75 line, which interesects the 3/11 high at .6344.
5/31 – NZDUSD is trading at the center line of the channel from the March low, which has been resistance since 5/20. The 9/3/2019 low is in line with the 61.8% retrace of the decline from the December high at .6269 (see longer term chart below). So, beware of resistance up to .6269. If price pulls back, then proposed support is the 25 line near .6150.
USDCAD has broken down sharply and several levels to pay attention to on the downside are 1.3421 and 1.3328. The higher this level is the 3/6 gap and lower parallel of the channel from the March high. The lower level was resistance in November and February, and support in early March. Proposed resistance is the center line of the channel from the March high, which was recently support. This line is about 1.3700.