Market Updates and Analysis for a better informed trading
The weekly up-trendline that we have been following for quite some time did happen to be an area that has offered support for this pair once again. And hence, the pair has rallied after touching the trendline. Trading preference At this point the preference is to go long, but it could be a good idea to wait for a slight pull pack to around 1.3300 area. However, if the price goes above the weekly close, I will enter long on this pair.
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We can see that EURUSD has rallied and formed an impulsive candle on the weekly chart. This has confirmed the end of the correction the pair had been doing earlier. Trading Preference The only preference at this time will be to buy the pair. Pull backs on the shorter timeframe charts could offer value. Therefore let us look at 4-hour chart for a good entry point. The pair has made two consecutive higher highs on 4-hour chart and therefore, we can wait for a bullish candle around the lower line…
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Technical Analysis We have been observing a weekly up trendline that has offered support for GBPUSD for quite some time. We can see that last week and the week before too, the trendline has been respected and it has proven to be an area of massive support. Trading preference At this point I think it is a good opportunity to go long on this pair. The pair could be on its way towards 1.3650 level which has proven to offer strong resistance.
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Technical Analysis We can see that USDCAD has been in an overall down trend for the past two weeks. Currently it is testing an up trend line which makes up the upward move all the way from September. We can also see that the price had slided down earlier through Fibonacci 23.6 level in the previous week’s candle. Trading Preference If the pair is bearish in the short-term. Therefore, a break below the up trend line could send the pair looking for 38.2% which is around 1.2588. If that level…
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Technical & Fundamental Analysis USDCAD initially tried to rally, but 1.29 level proved to be resistive. Several attempts to sustain above 1.29 failed and the pair slided down later during the week. On Friday, the disappointing NFP report from USA and the improvement in the employment figures from Canada only helped the pair to drop further. Trading preference Due to the above factors, I prefer to sell this pair in the coming week. It seems like the pair will be drawn towards the up trendline shown in the above chart.
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Technical and Fundamental factors EURUSD has been falling after the head & shoulder pattern formed two weeks ago. Last week, even a disappointing NFP report from USA did not help this pair rally, but rather it looks set to fall much further, to fulfill the anticipated move of the head & shoulder. A dovish Draghi also helps this move. Trading preference The idea is to sell the pair when it breaks below the close of the last week’s candle. The target could be around 1.30 level. But a bounce up…
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Even though The Cable tried to rally initially during the course of last week in anticipation of the interest rate hike, the actual hike sent the pair lower. This was due to the fact that BoE is dovish even though interest rate was increased. Now the pair is testing the up trend line we have been following for quite some time. If the pair breaks below the trendline, it could send send the pair much lower, especially if it can also break 1.30 level. Trading preference Wait for the break…
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During the course of last week GBPUSD rallied due to GDP figures beating the expectation. However, the move to 1.3250 was met with resistance which in turn led the pair to fall towards the uptrendline that we have been following for quite some time now. The trend line could offer support for this pair. However, if the pair falls, breaking through the trend line, it could go down towards 1.30 level. If the trend line does offer support, the pair could again move up towards the resistance again. Trading preference…
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US Dollar went up rather significantly against Canadian Dollar last week, slicing through 38.2 Fibonacci level. However, the pair pulled back after reaching the resistance around 50.0 Fibonacci level. When we look at the daily chart, the same movement can be visualized as a shooting star by the close of Friday. Trading preference Next week the pair could initially fall towards 38.2 Fibo level around 1.2720 and around there if a supportive candle on daily chart or a bullish candle on the H4 chart could be a good opportunity to…
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EURUSD went up as the week started but then it broke down significantly. We can notice that the break to the downside came after a ‘head & shoulder’ pattern formation on the daily chart. Based on the move after the head & shoulder, the pair could drop further to the 1330 region, especially if Fibonacci 38.2 level is broken on its way. However, when we look at the weekly chart, this downward movement can be considered as a retrachment after such a parabolic upward move for most part of the…
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