Category: Technial Analysis
EURUSD continues recovering after updating the lows earlier. The major currency pair is trying to keep the positive momentum. The current quote for the instrument is 1.0918. One of the ECB policymakers said yesterday that the regulator might raise the benchmark interest rate as early as July. In his opinion, the ECB didn’t have to […]
EURUSD, “Euro vs US Dollar” EURUSD is rebounding from the cloud’s upside border at 1.0897; bears have failed to fix the price below the support area at 1.0805. The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at […]
Oil prices rose by more than 1.5%, during trading on Thursday, with the emergence of supply concerns due to a possible European Union embargo on Russian oil, days after the decline in supplies from Libya rocked the market. This comes amid tight supply fundamentals, with sentiment receiving additional support with a significant drawdown in US […]
Type: Bearish ReversalKey Levels:Resistance: 101.159Pivot: 100.742Support: 99.394Preferred Case:We see that price is near pivot level and it is on a bearish momentum. Price can potentially dip from pivot level of 100.742 which lines up with 138.2% Fibonacci extension towards the 1st support level of 99.394 which is in line with 50% Fibonacci retracement, along with […]
Hawkish Details EmergeThe Australian Dollar is trading higher today following the release of the April RBA meeting overnight. The minutes confirmed a hawkish shift in the bank’s outlook with the bank noting that the recent lift in inflation and wage growth “have brought forward the likely timing of the first increase in interest rates”. This […]
USDCAD, “US Dollar vs Canadian Dollar” As we can see in the H4 chart, after forming a Shooting Star reversal pattern close to the resistance level, USDCAD is reversing in the form of the descending impulse. In this case, the downside target may be at 1.2495. However, an alternative scenario implies that the asset may […]
We had a great short trade on GBPCAD earlier in the year, playing the double top and channel break, and conditions look to be lining up for a fresh short. GBPCAD has recently settled into a block of consolidation following the breakdown below the 1.6551 level. With that area acting as resistance now, the market […]
Type: Bearish MomentumKey Levels:Resistance: 814’4Pivot: 807’4Support: 795’4Preferred Case:We see the potential for a bearish dip from our pivot level at 807’4 in line with 38.2% Fibonacci retracement towards our 1st support level at 795’4 in line with 50% Fibonacci retracement, 61.8% Fibonacci projection and -27.2% Fibonacci expansion.Alternative Scenario:Alternatively, price might break our pivot structure and […]
USDCHF, “US Dollar vs Swiss Franc” USDCHF is rebounding from Tenkan-Sen and Kijun-Sen at 0.9422; the instrument is currently moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.9465 and then resume moving upwards to reach 0.9580. Another signal in favour […]
USDJPY, “US Dollar vs. Japanese Yen” As we can see in the H4 chart, USDJPY is trading within the “overbought area”. In this case, the price is expected to break +1/8 and continue falling to reach the support at 8/8. However, this scenario may no longer be valid if the price breaks the resistance at […]