Category: Technial Analysis
USDCAD, “US Dollar vs Canadian Dollar” USDCAD has formed an Inverted Hammer reversal pattern on H4. The instrument is now going by the reversal signal in an ascending wave. The correction target might be 1.3410. Next, the price has a chance to rebound and continue the downtrend. However, the quotes might decline to the 1.3310 […]
TitleUSDCHF H4 | Potential bearish reversal TypeBearish Reversal Preference: Price is approaching our pivot point of 0.91175 which is pullback resistance level. A reverse from here, price could fall to 1st support at 0.90398 which is a multi swing low support. Alternative scenario: However, if price breaks above the pivot, it could reach our first […]
TitleCADJPY H4 | Bullish reversal from overlap support TypeBullish Bounce Preference:Price could approach the pivot point of 104.201 and potentially reverse from here; we could see momentum carry price up to its 1st resistance of 104.92. Alternative scenario:If price breaks below the pivot point, it could hit the 1st support of 103.572. To discuss this […]
EURUSD, “Euro vs US Dollar” EURUSD is testing the resistance area. The instrument is going above the Ichimoku Cloud, which suggests an uptrend. A test of the Tenkan-Sen line at 1.0745 is expected, followed by a rise to 1.0925. An additional signal confirming growth will be a rebound from the lower border of the bullish […]
EURUSD, “Euro vs US Dollar” The currency pair has formed a consolidation range around the 1.0730 level and, exiting it upwards, continued developing a wave of correction. Today, the market reached the 1.0786 level. A narrow consolidation range is expected to form at these highs. With an exit downwards, a link of decline to the […]
Dollar Extends Pullback but Buying Pressure may Resurface in the run-up to the May CPI Report The trend corridor for USDCAD held its ground despite the unexpected decision by the Bank of Canada to raise interest rates by 25 basis points at yesterday’s meeting: Based on numerous touches of the lower boundary line, the range […]
Calmer Crude Markets Following heavy volatility at the start of the week, crude oil prices action has calmed down sharply through the week. Crude futures are now hovering around the level of last week’s closing price, reversing the initial gains seen on Monday as traders reacted to news of Saudi Arabia unveiling a fresh set […]
TitleGBPUSD H4 | React off 78.6% TypeBullish Breakout Preference: The price is rallying towards our pivot point of 1.25044, which aligns with a 78.6% Fibonacci retracement. If there is a reversal from this level, the price could fall to the first support at 1.24172. Alternative scenario:However, if the price breaks the pivot, it could reach […]
Bitcoin has tested the support at the level of 25000 and formed a beautiful bullish engulfing. Currently, the asset’s price is testing the middle point of the engulfing. Hence, Bitcoin might potentially jump. So, let’s observe what might happen. Oil rebounded from the supporting level of 71.50, forming a pattern resembling a triangle. The asset’s […]
The British pound sterling is up again against the US dollar. The current GBPUSD quote is 1.2454. While the US dollar has retreated locally, the pound is trying to rise higher. According to the report of the Organization for Economic Cooperation and Development (OECD), the UK expects the highest inflation among the G7 countries in 2023. Thus, […]