GBPCHF has broken out of the Bullish trend after a step backwards in Brexit negotiations. After a break and retest, the pair has now posted a double top bearish reversal pattern. This morning we have seen a break of support at the bottom of the double top and is now re-testing that area. As parliament continue to bicker over Brexit, we expect this downside to...
USDCAD is trading at the top of the trend channel and displaying signs of exhaustion. Short term indicators suggest an overbought market. 61.8% Fib protects the upside.
USDCHF bounced off tendline resistance as per our previous analysis and returned to support. We expect the USD to continue to strengthen despite a week of mixed data. We will be looking for entries around 0.99150 and price action confirmation.
GBPUSD has fallen from the highs amid Brexit tensions. With no recent developments Cable appears to have put a bottom in place at least in the short term. The trend remains bullish and stochastic as displayed a bullish cross in an oversold market. TPs should be conservative around 1.23.
EURUSD has experienced bullish price action of late to lift it up off of the lows. The downward channel is still in place and we are looking for a test of 1.10150 before a return to the lower channel in the 1.0800s. We await a test and price action confirmation before entering.
EURCAD has pulled back to the top of the descending wedge pattern amid a weak CAD. The Euro remains under pressure however, we expect this level to hold and a return to the lows after a pullback to the neckline of the short term bearish double top.
Fundamentally gold is bearish. With trade war discussions set to be positive ans a semi-positive NFP report on Friday, we expect the risk on theme to be prominent. Once gold broke out from its range and posted a lower low, bullish momentum has been limited now posting lower highs, trading in a short term downtrend. Having now posted a double-top on the short term,...
USDCAD is at key trendline and horizontal resistance across medium and short term time frames. RSI displays an overbought market and divergence suggesting bullish momentum is waning. There is now significant bearish potential.
USDCHF has moved higher to test trend channel resistance and horizontal support. 61.8% Fib and daily downtrend resistance provide a confluence of 4 resistance indicators. The market is overbought on the short term. We have entered short.
CADCHF has displayed bullish price action and trades back at daily trendline resistance and shorter term horizontal level and double top. RSI and stochastics on the short term suggest an overbought market, we are now forecasting a return to the lower trend boundary.
NZDCHF is trading in this descending triangle pattern, posting lower highs and level lows. We are awaiting bearish price action before entering a short position, forecasting a break of horizontal support.
CADJPY has pulled back to test trendline resistance as it continues its path in this downward trend channel. On the shorter term time frame, RSI divergence displays a switch in momentum. The pair continues to post lower highs and lower lows, we are expecting a continued move to the downside. Bollinger bands and 82.00 handle offer further resistance.
Gold has broken lower below 2 month support area and opens up the potential of another move lower towards 1400 handle. We are awaiting a retracement to new resistance at 1483 before looking for short entries.
USDCHF is now trading at trendline and horizontal resistance after the midterm uptrend. The pair appears bullish around this area so we will wait to see a rejection of this level before looking for short entries.
CHFJPY has pulled back to the lower boundary of its recent 4 hr range as it continues to trade within this wedge pattern. The pair trades at horizontal support and bollinger band support and has displayed bullish price action around this area.
NZDCHF has pulled back to key horizontal support and has posted higher highs ad higher lows on the shorter term. Stochastic indicators suggest an oversold market. We are now expecting a new trend to emerge to the upside.
CADCHF continues to range with in this daily wedge pattern with no sign of a break yet. After a test of the upper boundary, the pair has posted a triple top. We will be awaiting price action confirmation before looking for short entries.
NZDCAD has sold off to trendline support and indicators show an oversold market. We are looking for potential short term counter-trend positions on price action confirmation.