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CADJPY remains in the long term downward trend on the daily time frame. As we look on the shorter time frame - 60 minutes there is a shorter term intra-day range. After a test of the upper boundary of the long term range and a shorter term downtrend we are now expecting a move lower to at least 81.000 level. Momentum indicators suggest that the downtrend will continue.
CADCHF posted a bearish head and shoulders at the top of the daily downward trend and continued lower to break the neckline. The pair has now pulled back to re-test this level and we are now expecting further downward price action towards the lower range boundary. RSI and Stochastic indicators suggest an over bought market.
EURUSD is at technical support and displayed bullish price action on the shorter term. There is a sign of RSI divergence and an oversold market. With the Fed expected to cut rates tomorrow we are looking for that to be priced in during today's session.
AUDNZD has moved higher to weekly trend resistance. On the open this morning the level showed a strong rejection of the level. The market is overbought across long and short time frames so a pullback is expected.
CHFJPY has broken the downward trend resistance, as predicted in previous post. After a re-test from the break and a further move to the upside, the pair has now posted a higher high and a higher low. The uptrend has now been confirmed. We are awaiting another test of the trend line before entering a further long position.
EURAUD has tested key support at 1.59 and seen a significant bounce to close above trendline support on the daily time frame. On the shorter term, the pair has posted a bullish head and shoulders pattern. A break of the neckline will confirm the uptrend will continue.
EURCAD has pulled back to trendline resistance and indicators display an overbought market. After the initial test, the market has posted a lower high on the shorter time frame, we are now expecting to see bearish price action.
EURUSD moved higher yesterday after the ECB press conference and has tested key downward trend line. On the 4hr time frame we have seen a key rejection of this level. With a bearish stochastic cross in a overbought market, this presents a good selling opportunity.
Bitcoin is continuing in its downward path from annual highs however are the bulls beginning to take over again? Despite remaining in trend channel bitcoin appears to be in the process posting a higher high and a higher low and the possible formation of a bullish head and shoulders. The neckline of the head and shoulders would coincide with the upper boundary of...
EURGBP has posted a lower high and lower low on the daily time frame and has tested key support at 0.89. The bounce of this level was very unconvincing and has returned back to support. Technical indicators suggest the bullish price action has lost momentum and confirmed in the previous bounce that buyers are running out. We will be awaiting a break and re-test...
EURUSD remains in its downward channel, posting lower highs and lower lows. On the shorter term time frame EURUSD has posted a double top and has consolidated. With upside momentum diminishing and ECB fast approaching, we are looking for a bearish breakout back to the lows.
CADJPY has pulled back to trendline resistance and technical indicators suggest an overbought market losing momentum. After a period of consolidation we are now expecting a move to the lower trend boundary.
CHFJPY appears to be losing momentum. The pair has bounced off historic levels and now posted a higher low. We now look towards 108.700 area, trendline and horizontal resistance. We are looking for a break and retest of this area before looking for a move to the upside.
Litecoin looks set to continue in its downward path. After a pullback to trend line resistance and bollinger band on the 4hr time frame a doji bar has been posted showing market indecision. With the market being overbought we are now looking for bearish price action to the lower end of the descending wedge.
WTI is approaching resistance around 59.00 after OPEC cut production, a key horizontal and trend line support in place from October 2018. With indicators suggesting an overbought market, we are looking for potential sell entries.
CADCHF has posted lower lows on the shorter term time frame suggesting there's still downward momentum. The chart more importantly is posting lower highs on the daily time frame and is approaching key trend line resistance around 0.75500-0.75700. With indicators suggesting an overbought market, we are awaiting a test of this area and price action confirmation...
Gold has posted a double top on the longer term time frame and displayed bearish price action. We are awaiting a pullback to 1518 area before expecting a further move to the downside to at least trend line support. As the US/China trade war seems to be calming down, and therefore expect risk-off assets i.e. gold to pull back.