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USDCAD reaches the target – Analysis - 05-03-2018
The USDCAD pair provided move sideways trading to reach the main waited target at 1.2923, which represents 50% Fibonacci correction level for the entire decline measured from 1.3792 to 1.2053, which means that breaching it will push the price to visit the next correctional level at 1.3128.
On the other hand, the current level forms neckline for a bullish pattern, thus, breaching it will cause a major turn of the medium term trend to rise, which urges monitoring the price behavior when attempting to breach it.
Now, we prefer staying aside temporarily until we get clearer signal for the next trend, which we will get through breaching 1.2923 resistance or breaking 1.2843, noting that breaking this support will push the price to test 1.2717 – 1.2665 areas initially before determining the next trend clearly.
Expected trading range for today is between 1.2800 support and 1.2980 resistance.
Expected trend for today: Bullish
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USDJPY hits the extended targets – Analysis - 05-03-2018
The USDJPY pair succeeded to achieve our next waited target at 105.54 and settles around it now, noticing that the price begins today with bearish bias to move below the mentioned level, which supports the chances of extending the bearish wave on the short term basis, waiting to head towards our next target at 104.31.
MoreGBPUSD rises calmly – Analysis - 05-03-2018
The GBPUSD pair trades with slight positivity to approach testing the key resistance 1.3854, noting that the EMA50 meets this resistance to add more strength to it, to stay below the previously broken bullish trend line that appears on the chart.
MoreEURUSD breaches the resistance – Analysis - 05-03-2018
The EURUSD pair ended last Friday’s trading above 1.2304 level, moving above the EMA50 that provides positive support to the price now, which supports the chances of resuming the main bullish trend after stopping the bearish correction at 38.2% Fibonacci level recently.
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