After breaking out of a key resistance level (1.3750,) cable is now open for a potential 𝟱𝟬𝟬 𝗽𝗶𝗽 move towards 1.4400 next key resistance level. Support will come at 1.3750 and a pullback around that area may encounter buyers.
After rejecting the weekly resistance at 30,000 big number, the weekly timeframe printed a bearish engulfing candlestick that suggest a possible reversal is coming. Daily looks like just a pullback but with an aggressive decline. 4H timeframe formed a double top with bearish momentum divergence.
If price pulled back in a corrective manner we could possible see...
🎯 Chart Of The Day: EUR/JPY
👉Following the downside move from early this month, The EUR/JPY is currently establishing support at 122.50 for a possible uptrend continuation. Price also formed a descending wedge on the intraday timeframe which is a sign of bullish reversal. Resistance will come at 124.50, a break above that level would signal the pair for more upside move.
After almost 6 months of decline, we may see USD/CAD establish it's support level around the 1.3200 level.
Looking at the weekly timeframe, the price is currently at the confluence of multiple support level. A break below this level would mean a very bearish sign of the currency pair and would expose the 1.3000 level or much lower. On the daily timeframe, there...
Crude oil may be heading down to $17-$18/barrel. If we take the measurement of the 2 previous declines from July 2008 - Jan 2009 and May 2011 - Feb 2016 both fell 77%. 77% decline from the recent high would lead us to around $17-$18/ barrel also considering that $26 key support is now broken it opens the window for further decline.
After an impulsive move higher in the last few weeks the EURUSD looks to be in the midst of a pullback. The 1.1230-50 level looks to be strong support as this was the breakout point as well as the 61.8% Fibonacci retracement of the lows near the 200dma to highs which come in at the 1.1249 level as well and 38.2% retracement from the most recent low. If this level...
After bouncing from key support at 1.0800, EURUSD is now testing some key resistance area at 1.0970 level. I think a break above this level will open for more upside and a possible re-test of 2018 trend line resistance.
Price created an Inverted Head and Shoulder that could possibly target $1700 area. Price currently testing the 61.8% Fibonacci Retracement from 2011 High ( All-Time High) to 2015 Low. If price trade and close above 61.8% that would lead us to 78.6% Retracement which is also $1700 area.