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Technical Outlook:

GBP[3]/USD[4] broke the sturdy March trend-line last week, and then retested the broken threshold. The sequence has price heading lower within the confines of a channel off the recent high. Looking lower, a break below 12335 will put Cable at risk of sinking towards the next area of support under 12200. It will take a powerful push back above 12542 and the recapturing of the broken trend-line to turn the picture positive.

GBP/USD 4-hr Chart (looks headed lower)

GBP/USD 4hr chart

GBP/USD Chart by TradingView[5]

AUD[6]/JPY[7] is sitting on a couple of lines of support following a rejection from over 7600. The lack of upside response is in-line with general risk trends. This may change though and so support needs to be respected until broken. There is a wedge pattern developing that could add some punch to an eventual break. A break higher will have 7508 then the high at 76.74 in focus, while a breakdown could have strong support at 7000 in play.

AUD/JPY 4-hr Chart (broke support)


AUD/JPY Chart by TradingView[8]

For all the charts we looked at, check out the video above…

Resources for Forex Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment[9], quarterly trading forecasts[10], analytical and educational webinars[11] held daily, and trading guides[12] to help you improve trading performance.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX[13]

DailyFX[14] provides forex news and technical analysis on the trends

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currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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