The set up is developing nicely and i'm expecting this to run its course.
Risk on currencies have had a great start to the week and look like they could push on after positive covid-19 news.
USD looking weak as optimism starts to creep in that the world is slowly re-starting it's engine.
NZDUSD looks to be stuck above a key price point (as we can see on the monthly chart) We've close near this level so it will be interesting to see where we open Sunday evening.
My technical view at the moment is USD weakness for the week ahead, however as mentioned in previous analysis the dollar often does well through risk off flows.
Price is consolidating, holding well against a strong USD. USD normally fairs well through a "recession" however i believe we'll see eurusd bounce from and continue to trade with it's current range. While the downside could be exposed i think it's protected by the volume been actioned at the current price level.
Waiting for a break of the channel to see usdcad move to the downside!
Risk on assets are starting to gain strength as corona-virus fears ease off. Patience will get us into this trade with an entry of 1.32850. Moving through the supply zone and closing above will invalidate this set up
CADHCHF setting up for a double top pattern. once we see it return to the neckline, i'll be looking for a long terms short position, with a take profit of 500 pips.
Stop loss will be at the most recent high.
After Theresa may been voted to see through brexit, technical and fundamentals look to be heading GBPUSD in the right direction. We should see this pair rally through christmas and start the new year in a better position.