I hope everyone has had time a relax and recuperate over the weekend.
Following on from Friday's economic impact to further downside likely caused by both a BOJ stimulus package and/or various EU countries issuing further lockdown talks Re Coronavirus, the overall trend looks bearish for now
However, there may be room for some short term trades in a Long...
I hope everyone has had a relaxing weekend ready for the trading week ahead.
The market closed on Friday forming a clear Bearish engulfing candle, suggesting that there is further downside potential
Based on the Stochastics I believe we will see a corrective retracement first , to around the 1.116235 position before downside continuation
From a technical...
the Loonie is currently overbought on the D1 and H1 charts (Stochastics) and by my view has currently hit the top of a channel.
We could see a retracement to 1.37657 initially, however it could be further downside to as far as 1.36737
Exercising caution as always with this pair as it always remains volatile.
best of luck
The Loonie whilst currently within an ascending channel reached temporary exhaustion on the D1 Chart yesterday (Stochastics)
I hope to see the pair retrace to around 1.36432 - 1.36288 before continuing on its bullish ascent.
My experience with the GBPUSD has been a volatile one, and so I would exercise caution particularly with this pair with deposit load / lot...
Generally speaking, in my opinion, the EURUSD is creating a supply zone at its current sideways movement in order to react to either a Germany Trade Balance report (Prev: 18.1b - Cons:14.4b) or the US Non-Farm Payrolls (Prev:235k - Cons:500k) and Unemployment rates (Prev:5.2% - Cons:5.1%)
I anticipate that we will not see much volatility until from Tuesday 12th...
I believe we may have seen exhaustion of price action at least temporarily on the EUR/USD based on Stochastics and the current trend reaching the bottom of a channel
This may indicate a retracement to 1.15800 or to the top of the channel @ 1.16200 area, with the aim to potentially reaching 1.16700 before re-evaluation.
Best of luck.
The price is in a Bearish descending channel however, I believe it is time for a retracement. (Inverted Head & Shoulders)
The Stochastics (6.3 / 5.4 Friday) suggested it is oversold on the Daily chart, and so i expect it to reach the 1.16375-400 range, which may continue to 1.16600 today.
