Now having seen the week closure and the update of the latest COT report we are beginning to see hedge fund positions move to short positions this is reflected in the decrease of open interest. It seems that the market has attempted a false breakout above the weekly resistance therefore we will look for a re entry into the channel then look for short positions....
EURGBP hitting false breakout on key weekly resistance level, hedge funds open interest switching to negative on the latest weekly COT report showing increase in short positions over long positions. DMVT is moving more towards a bearish trend on the 4hr timeframe, with RSI signalling for overbought, MACD bullishness is decreasing and the stochastic indicator...
Awaiting the next candle on this pair, EURNZD is approaching a Key resistance area however, only the stochastic indicator is reflective of a bearish transition furthmore on the daily there is still higher for this to go up to the 618 fib level. RSI is approaching a overbought position and MACD bullishness is beginning to drop. I definitely feel this could go...
Following good bullish moves on the Euro we will be looking for reversal signals that will hopefully see a retracement to the previous lows we have seen. A good set up will see the RSI as oversold on the 4 hour, with the stochastic crossing bearish and a decrease in momentum on the MACD. We will also keep a eye on the DMVT and ADX for a pivot point on volume and...
USD/CAD
Following a day of consolidation on the 618 fib level yesterday with a 1hr wedge pattern appearing. Bottom end of the wedge has just broken. Ongoing corona virus uncertainty is probably a likely catalyst. DMVT is moving towards a bearish trend with volume increasing on the ADI. Stochastic is looking to cross and go bearish. Mac D bullishness is...
