Current Market condition
1. Price is below 55 and 200 SMA which suggests a bearish market move.
2. A break below 130.38 signals that bearish momentum continues
3. Currency strength shows that EUR is weak along with CHF while JPY is slowly fading it's strength over the last few weeks.
4. Current rankings shows EUR is at the bottom while CAD is the strongest....
Gold is about to break the uptrend on the longer time frame.
We could either see a bounce play (after a bullish evidence) or a start of the break out on the downside.
What could be the catalyst?
1. US Tax reform bill has passed
2. NK war is downplaying at this point.
3. Us stocks is at all time high
4. Or something else
I already forgot this gap down since the last British referendum. Succeeding gap due to flash crash was filled immediately.
However, this June 2016 gap was the longest gap I've seen (to my recollection) in FX market before it was filled.
Bank of Canada said there is no predetermined path for Canada interest rates and they won’t be mechanical on rates because inflation and wage growth is slower than they anticipated. So they plan to proceed cautiously which basically means that there will be no rate hike in October and a lower chance of tightening in December. The BoC is not happy with the rise in...
A. Since the double-bottom, the market is forming higher highs and higher lows
B. Double-top forming
C. Bearish Engulfing
D. Uptrend formed (Higher high, followed by higher low)
E. SMAs 20&100 show is sloping up suggesting an uptrend.
Since January we have seen a growth on GBP currency and on a mid-term time frame, I see uptrend. But on a longer time...
On D1, the market type is sideways starting May 19th. Last week charts shows less activity but the price has started to plot below the 20 daily moving average which indicates a possible shift of momentum.
With numerous major risk events for both EUR and USD currency, it is high likely that the market will breakout from the current range between 1.1282 and 1.1110.
On D1, after the strong bullish run until the month of May, the market went on sideways which is a typical behavior.
After the false break last June 15 which also formed a bullish engulfing, the market has steadily climb and is continuing to climb since last Friday.
With all the risk events for EUR this week, there is a possibility that the market will go out...
The bullish trend line is still intact indicating a bullish continuation. However, last week activity is less volatile compared to previous weeks which suggests that the momentum weakening. One thing to note is that the last candle formed last Friday shows that the bulls won the day that exhibits a long wick.
A possible retest of the recent high at 0.8852 is...
Sideways, last week’s market has respected a strong major support level at 1.4723 area. On D1, the market is in sideways after a strong bearish move. If the price stay between 1.4901 and 1.4723, we will continue the current sideways move which is typical market behavior after a strong bearish move ends or halt.
The market has created a new higher high and bounced off from 0.75377 area. The last trading shows Aussie strength which formed a bullish engulfing pattern indicating a strong bullish continuation pattern. The market may retest the recent high at 0.7618 area.
Current price is at 1.0365 area where it act as a major support level which has been tested several time and price bounces.
A bullish evidence formed during the week will give a strong bullish run but a break below 1.0365 will potentially drag the price down to 1.0231
Bias on long but cautious since there are no major risk events for both currency.
A pull back at 0.7283 (50% Fibonacci retracement) followed by a bullish confirmation candle (on D1), signals a possible bullish measured move towards 0.7550
If the pull back occurs at 0.7206 (23% Fibonacci retracement) followed by a bullish confirmation candle, signals a possible...