USDCAD has surpassed previous high of 1.3457 and is now trading around 1.3490. Awaiting possible retest of support (previous pivot high) before entering long. RSI at 70 suggests that price can climb further. Possible divergence with previous high or negligible?
The GBPJPY has reached an area of resistance at about 184.94. If the double top formation completes, we would wait for a break of the support trend line at about 184.71 to enter short with target at about 184.12. Alternatively if price breaks through the area of resistance, we would enter long at camarilla pivot level R4 @ 185.35 targeting about 187.36
I believe that this is a standard head and shoulders pattern forming, so watching to see the price reach neckline.
So coming from the Year long downtrend of the Euro starting from May 2014 to about June 2015, the moves since then could either be seen as correction before the downtrend continues or a reversal of the trend. Seeing that the price is now above both the 100 & 200 MA, I’m inclined to go long on this one. Waiting patiently for the entry at the bottom of the trend...
USDCAD has been in a steady uptrend. Price above the 100MA which is still pointing upwards. If price fails to hold at the trend line expect to hold at the support line at 1.3149 region
GBP/USD coming off of a rapid decline has retraced to 38.2% level. This level seems to be holding and given that the price is below the 100MA (bearish) I'm leaning towards shorting the pair.