Markets are about to open and I am about to present my final piece of analysis for the weekend,
Here we have GBP/USD, as we can see there is a strong descending channel which has held for over a 16 months, with this in mind I think that we could see a short position play out and a move to the downside could come in the next day or so.
USDCAD remains bearish .
You can see that the market one more time has respected a falling resistance of the channel.
Our bias is bearish and our next mid-term target is 1.3 structure support level.
Strong selloff that we saw on Friday will most likely trigger more selling volumes and
after a small pullback, selling...
Gold is still very much in an uptrend and therefore it is possible for a further press to the upside.
We can now see that gold is forming a potential descending channel made up of lower lows and lower highs signalling a potential downside.
Technical factors to consider:
- Lower highs and lower lows
- RSI decreasing in strength
Fundamental factors to consider:
I was paying close attention to GBPNZD these last two weeks.
The reason is that the pair has recently approached a 2019's high and was strongly rejected.
Sellers have been pushing the market to the support line of a rising channel
and we see the complete reluctance of buyers to open long trades on dip,
EURUSD is still trading within a horizontal trading range and the sentiment is unclear.
the market may brake in both sides, but I will trade only in case of a bearish breakout.
Target levels remain unchanged: 1.094 and 1.090
be patient and let the market chose its direction first :)
this is the update for my previous trading plan on EURGBP .
The lower boundary of a flag has been adjusted.
After multiple attempts to break above the 0.892 level the market is still standing below the identified resistance.
My bias remains bearish and I am waiting for a bearish violation of a flag.
Targets have been also...
very peculiar trading setup on USDCAD.
on 4H the market has recently touched a falling resistance of a descending triangle
and we see a row of multiple rejections.
on 1H we see a double top formation and for confirmation, we only need to wait for
a bearish violation of minor support beneath it to short the pair.