With an interest rate decision coming out at 1500 hours we can expect the USDCAD pair to carry bearish momentum as the Canadian dollar is expected to come out positive after the interest rate decision.
On the H4 timeframe, there is a break in the double top pattern which is indicated by the black line on the chart.
At 0300 hours there will be an interest rate decision on the Japanese Yen so expect a bullish momentum in JPY pairs.
Triple top which is marked by the horizontal black line signals a reversal which has been confirmed.
Although this entry may be late there are still some pips that can be caught and to be safe the TP is at the previous low.
Falling wedge patterned formed with confirmation of a reversal.
Manufacturing Production news coming out at 0700 hours on the 14th of July which is projected to have high impact on GBP pairs.
Expecting a bullish push within the next 24 hours.
Previous bullish channel was formed however a break of structure occurred around the 114.200 price.
The breakout did not happen in one go so there is a sign that the price will bounce off of the previous support as a retest of the breakout before it actually breaks out and the opportunity to go short is opened up.
The USDCHF pair is currently working its way towards the resistance, which has been tested multiple times.
Once it hits the resistance we can look to place a sell order towards the support but until then we just let the market do it’s job.
An overall bearish trend across larger and smaller timeframes.
Strong Resistance that has been tested multiple times.
Price is starting to fall from the resistance signalling a move down to the tested support.
RSI beginning to fall which supports the bearish channel.
MACD peaking which signals a drop in price coming soon.