On a weekly basis, the pair has been exhibiting sideways action for about a year. The pair is now nudging against the top of the trendline which,more importantly, coincides with the 100 week MA. Look to enter long positions with a weekly close above these levels.
Gold (XAU/USD) has been in a general uptrend over the past 2 months. Look for a possible retest of the trendline at 1340 and then another move higher. Long-term RSI also supports higher prices. A break above 1375 should bring the 1400 level into play.
A pretty pivotal week is taking shape in USD/JPY. On the weekly chart, the pair has been in a downtrend since the beginning of 2016. With the pair being at the confluence of the 200 week MA and the downtrend line, we look to initiate new short positions
An ascending triangle pattern can be clearly seen in the daily and weekly charts. For the time being we'll sit and patiently wait for the price to make a sustained rally above 1.32
EUR/JPY continues to put in lower highs and a daily time frame. The pair seems to be poised to make another leg lower after having failed to break above the 50 day moving average
It's been a rough couple of years for commodity currencies the past few years and the aussie dollar is no exception. However, based on this longer term chart we could be witnessing the end of a multiyear downtrend. The pair has broken above the downtrend line and is now resting above the 100 and 50 day MAs. Oscillators have been trending to the upside for the past...
Look for a potential bounce in the pair off the 1.05 level. The pair has been heavily sold over the past month and now seems to be poised to make a triple bottom. RSI has been holding steady while the MACD seems to also be turning higher. For a 1-5 risk/reward look for a move back to 1.10 while stopping out below a close of the March lows.
USDCAD following through after yesterday's double top rejection and reversal. target a move back towards 100 day MA. RSI divergence also confirming a move lower. Rally in oil and precious metals on the back of geopolitical tensions should provide some bullish momentum for the Canadian dollar.
Looks like the pair has moved back from a multi year resistance level (weekly & monthly charts) of 15.60. It is now trading below the 100 day and if close below trendline support at 15.00, look for a test of 14.75 and then 14.50 in the upcoming weeks
Silver up 3.50% on the day so far and slicing through the trend line. Next level to watch out for is a close above the 200 day moving average which hasn't occurred since August 2014. If this occurs, we will expect a test of the 50% fib level at 17.60
