Category: Technial Analysis
USD Rally ContinuesThe US Dollar is seeing better demand into the end of the week following comments from Fed chairman Jerome Powell yesterday. Powell, who was taking part in an IMF meeting regarding the global economy, yesterday confirmed that larger .5% hikes are “on the table” for the next meeting on May 4th.Powell explained that, […]
Type: Bearish ContinuationKey Levels:Resistance: 807’4Pivot: 800’2Support: 789’6Preferred Case:With price moving below the Ichimoku cloud and the descending channel, we see a potential bearish continuation from our pivot level of 800’2 which is in line with 38.2% Fibonacci retracement and horizontal overlap resistance towards our 1st support level of 789’6 which is in line with the […]
• GBPCAD reversed from support level 1.6320• Likely to rise to resistance level 1.6475 GBPCAD recently reversed up from the key support level 1.6320 (which has been reversing the price from the end of March) – strengthened by the lower daily Bollinger Band. The upward reversal from the support level 1.6320 created the daily candlesticks […]
USDCAD, “US Dollar vs Canadian Dollar” USDCAD is testing the descending channel’s upside border. After plunging earlier, the asset quickly recovered due to significant pressure from bulls. If they fix the price above 1.2670, the asset may continue growing towards the key resistance at 1.2900, which they had been trying to break for much of […]
EURUSD, “Euro vs US Dollar” EURUSD has rebounded from 1.0930; right now, it is falling towards 1.0801. After that, the instrument may correct to reach 1.0866 and then start a new decline with the target at 1.0686. GBPUSD, “Great Britain Pound vs US Dollar” Having rebounded from 1.3086, GBPUSD is trading downwards to reach 1/2950. […]
Type: Bullish BounceKey Levels:Resistance: 1962.9Pivot: 1944.2Support: 1934.1Preferred Case:Price is moving nearer to the pivot level. We are expecting the price to potentially bounce off from our pivot level of 1944.2 in line with 138.2% Fibonacci extension towards our 1st resistance level of 1962.9 which is in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection.Alternative […]
Oil Traders Continue to Reduce LongsThe latest CFTC COT institutional positioning report shows that oil traders continued to pare upside positions last week. This reduced upside exposure came despite a recovery in oil prices last week, though this has since petered out with oil now trading back below last week’s highs. Recent price action reflects […]
• AUS200 index reversed from resistance level 7615.00• Likely to fall to support level 7430.00 AUS200 index recently reversed down strongly from the long-term resistance level 7615.00 (which has been reversing this index from last August). The downward reversal from the resistance level 7615.00 created the daily candlesticks reversal pattern Evening Star Doji – which […]
• USDCAD reversed from support level 1.2450• Likely to rise to resistance level 1.2650 USDCAD recently reversed up sharply from the powerful support level 1.2450 (which has been repeatedly reversing the price from the middle of January). The upward reversal from the support level 1.2450 created the daily candlesticks reversal pattern Piercing Line – which […]
EURUSD, “Euro vs US Dollar” EURUSD has finished the correction at 1.0860; right now, it is consolidating below this level. Possibly, the pair may expand the range up to 1.0870 and then start a new decline with the target at 1.0750. GBPUSD, “Great Britain Pound vs US Dollar” Having completed the correctional structure at 1.3070, […]