|
USDCAD within continuation pattern – Analysis - 22-01-2018
The USDCAD pair provided positive trading in the previous sessions to breach 1.2470 level and settles above it, but we notice that the recent trades are confined inside bearish pennant pattern that appears on the chart, and the price moves at this pattern’s resistance accompanied by stochastic entering the overbought areas, which forms negative factor that we expect to push the price to decline again.
Therefore, we will continue to suggest the overall bearish trend, and the price needs to break 1.2470 followed by 1.2375 levels to confirm opening the way to head towards our main negative targets that begin at 1.2265 and extend to 1.2053, taking into consideration that breaching 1.2510 will cancel the suggested negative formation and push the price to achieve gains that reach 1.2715 mainly.
Expected trading range for today is between 1.2375 support and 1.2530 resistance.
Expected trend for today: Bearish
Thanks for your feedback.
USDJPY tests the resistance – Analysis - 22-01-2018
The USDJPY pair approaches to test the key resistance 111.00 now, which represents the meeting point of the bearish channel’s resistance with 50% Fibonacci correction level, noticing that the EMA50 meets this level to add more strength to it, while stochastic loses its positive momentum gradually.
MoreGBPUSD achieves some bearish correction – Analysis - 22-01-2018
The GBPUSD pair provided negative trades in the previous sessions to achieve some bearish correction for the last bullish wave, noticing that stochastic got rid of its negative momentum to reach the oversold areas, which forms positive motive that we are waiting to assist to push the price to continue the main bullish trend.
MoreEURUSD gathers the positive momentum – Analysis - 22-01-2018
The EURUSD pair returned to decline to test the key support base that rises now to 1.2215, accompanied by stochastic reach to the oversold areas, while the EMA50 provides continuous positive support to the price.
More