The USDCAD triangle pattern seems to be taking its final form, suggesting a marginal upside move before continuing longer to support the longer-term trend.
A successful test near the price/trendline intersection could offer a nice risk/reward medium-term opportunity.
Trade safe
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as...
EURUSD triangle structure seems to suggest that we have a little more upside correction left before turning lower.
The test could take place near 1.13, the 78.6% Fibonacci and also a price/trendline intersection. Both MACD and the RSI support short-term bulls!
If successful, the chances of reaching a fresh multiyear low would increase.
Trade safe
Stavros...
USDMXN is currently correcting towards the golden Fibonacci retracement of the last impulse wave to the downside. This follows the completion of corrective minor wave 4.
It could be then followed by a final 5th impulse leg in the minor degree, eying the 100% Fibonacci extension of waves 1 and 2, near 18.34.
USDJPY could move higher towards the 1.618x Fibonacci extension of the latest bullish minute pattern started on 107.88. This would validate the recent breakout above 109.32 as well as the intermediate degree structure which has a medium-term target near 114.55.
The pair, however, could have just ended the intermediate move to the upside at the 2x Fibonacci...
GBPUSD could have ended the wave minor 4 correction at 1.2768 Nov 8 low.
This scenario sees the current structure as impulsive with minute waves 1,2 and 3 (perhaps 4 too) completed.
In case prices slide below 1.2886 we could see the end of minuette wave a, then receive a b and c lower as part of an a,b,c zigzag. However, if prices break above 1.2940 the chances...
EURAUD could move higher to complete minor wave 2 above 1.6800 levels. Before continuing higher, it is necessary to complete the minute correction that started at 1.6800 top.
With a low at 1.618% FE at 1.5900 round level, which is also a double bottom level, the correction could have either ended as a single zigzag or has another bearish leg down between...
