This was a great week for price action traders. The market was moving very technically and I bet that many investors are now counting nice profits.
NZD/USD after the major buy signal went higher, in the meantime creating two correction patterns – rectangle and pennant. Both of them were very shallow which is showing a great bullish potential. 0.7435 is an ultimate target here.
GBP/USD is climbing up like on the stairs. The price is respecting horizontal supports and resistances. The bullish momentum is very strong and the corrections are also small (like on the NZD/USD).
EUR/USD, as expected, bounced from the 50% Fibonacci. With this kind of a price action, we should see a further rise.
CAD/JPY had three supports to choose from: 84.55, mid-term up trendline and the 38,2% Fibonacci. It used all of them! The current target is the long-term up trendline - around 200 pips higher.