USD/CAD Bullish Consolidation Before Bounce
Our preference: long positions above 1.3100 with targets at 1.3145 & 1.3160 in extension.Alternative scenario: below 1.3100 look for further downside with 1.3080 & 1.3060 as targets.
The USD/CAD is consolidating in the upper part of the chart precisely above W L3 camarilla pivot and 5/8 Murrey Math.
materialized if the price closes above 1.3153 W H3 and 7/8 confluence.
Look for continuation above towards 1.3214 if that happens.
If we see a pullback look for 1.3060-90 zone rejection towards 1.3153 and 1.3214. Only if the price closes below 1.3030, bulls will lose steam and the price might get a deeper pullback. At this point its all bullish.
AUD/JPY Technical Analysis Charting inverse head-and-shoulders pattern on the hourly.Our preference: as long as 79.75 is support look for 80.53.
Alternative scenario: the downside breakout of 79.75 would call for 79.48 and 79.31.
the RSI is above 50. The MACD is positive and below its signal line.
The pair could retrace. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 79.91 and 79.65).
Currently, the AUD/JPY is creating a right shoulder of the inverse head-and-shoulders pattern with the neckline resistance at 79.76.
A break above the neckline would confirm a bearish-to-bullish trend change and would open up upside toward 81.00 (target as per the measured height method).
A bull breakout may turn into a bull trap if the Chinese yuan continues to slide, triggering risk aversion and boosting haven demand for the JPY.
GBP/USD edges higher to 1.2850, daily highs
Our preference: long positions above 1.2824 with targets at 1.2852 & 1.2882 in extension.Alternative scenario: below 1.2824 look for further Down with 1.2796 & 1.2765 as targets.
Cable gathers traction and advances to daily tops near 1.2850.
A better tone in the riskier assets pushes spot higher.
UK’s Autumn Budget next of relevance in the docket.
The better tone in the risk-associated complex is helping the Sterling to gather further .
ground and pushes GBP/USD to daily highs in the mid-1.2800s.
EUR/USD Technical Analysis: Flirting with descending trend-channel support ahead of US GDP.Our preference: short positions below 1.1368 with targets at 1.1265 & 1.1188 in extension.Alternative scenario: above 1.1368 look for further Upside with 1.1424 & 1.1588 as targets.
• The pair remained under some heavy selling pressure through the mid-European session on Friday
and is now testing the lower end of a downward sloping trend channel.
• Meanwhile, technical indicators on hourly charts have slipped into oversold territory
and now warrant a brief pause/consolidation ahead of the US GDP growth figures.
• Given market concerns over Italy’s budget, even a slightly better than
expected US macro data might be enough to confirm a near-term bearish breakdown below YTD lows.
NZD/USD turns green despite heightened risk-off in Asia
Our preference: long positions above 0.6530 with targets at 0.6580 & 0.6600 in extension.Alternative scenario: below 0.6530 look for further downside with 0.6515 & 0.6495 as targets.
The NZD/USD defended 0.65 and is now reporting gains, possibly tracking gains in the Canadian dollar.The upside could be restricted by heightened risk aversion in the stock markets.Currently, the NZD/USD pair is trading at 0.6525 – up 0.10 percent on the day – having hit a low of 0.6502.
Bank of Canada’s hawkish rate hike and the resulting rise in the Canadian
dollar seems to have put a bid under other major commodity dollars – NZD and AUDHowever, risk aversion in equities could keep the gains under check. At press time, the Asian equities are a sea of red. China’s Shanghai Composite index fell more than 2 percent in early trade. Meanwhile,stocks in Australia and New Zealand are down 2.19 percent and 1.28 percent, respectively, and Japan’s Nikkei has shed 3.38 percent.
Further, New Zealand’s trade deficit rose to record highs in September and that could restrict the upside in the pair.
Analysis: About the bearish price action in 2018
Our preference: short positions above 1.3002 with targets at 1.3060 & 1.3135 in extension.Alternative scenario: below 1.2936 look for further Down with 1.2895 & 1.2851 as targets.
we take a look at GBPUSD each day,
highlighting all of the need to knows for anyone looking to extract up to date information on major levels and relevant trends,both short term and longer-term. The analysis is designed for the trader,investor and even those simply holding Sterling (Pounds) or US Dollars, looking for an idea of where they may want to consider making that next conversion.
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Metals Price Forecast October 4, 2018 – Will Silver Outperform Gold As Interest Rates Rise? Our preference: short positions below 14.5800 with targets at 14.4200 & 14.3300 in extension.Alternative scenario: above 14.5800 look for further upside with 14.6400 & 14.6900 as targets.
Silver -0.07% breaks the trend line before breaking “the high”, I would look to buy it to break “the high”. Pattern wise it can break that high and drop back down making a more complex flat pattern,or it can just continue up to the equal length to 1.236 extension zone. But I do see another buy coming.
See the 200MA and buy zone.
Silver Prices have been followed for centuries.
Silver (XAG) is a precious metal used in jewelry, silverware, electronics, and currency.Silver prices are widely followed in financial markets around the world.Silver has been traded for thousands of years and was once used for currency backing.Silver continues to be one of the most commonly traded commodities today. Silver prices are highly volatile due to speculation and supply and demand.Ag is the chemical symbol for silver on the periodic table of elements and its ISO currency symbol is XAG.
USDJPY downside would remain vulnerable while 112.74 pivot caps
Our preference: long positions above 112.35 with targets at 112.75 & 113.00 in extension.Alternative scenario: below 112.35 look for further downside with 112.15 & 111.95 as targets.
How we can trade on this chart.
1. On lower time frame price is still pushing for up side and it can push up for couple of more pips. So if you will sell without understanding the price action then your entry will be early and you can get stopped out before you see reversal. So what you should do you should watch the top and should look for 1st impulse if you see that is coming out then join thet if not then wait for that to appear.
2. Let it fall from the cliff -31.36% and then watch for the correction and then sell.
WTI Oil Extension of Wed’s strong fall eyes daily cloud base
Our preference: downside prevails as long 69.48 with targets at 68.29 & 6640 in extension.Alternative scenario: above 69.48 look for further Upside with 71.32 & 72.83 as targets.
OIL Trend Conitunation Trade: The EIA Data pushed the price down and break important structure. Therefore we can sell the pull back to catch the next bearish move. Ideal Entry : 70.50 TP: 66.50
The energy sector has been whipsawed by headlines lately, and many investors can’t decide whether to buy or sell oil stocks.
When oil (CLX8) raced up to a new 52-week high of more than $76 to start October, many thought things looked great.Then as U.S. oil supplies rose and as OPEC production rose, things didn’t look so hot.
GBP/USD tumbles to session lows, inching closer to 1.3100 handle
Our preference: downside prevails as long 1.3166 with targets at 1.3114 & 1.3062 in extension.Alternative scenario: above 1.3114 look for further Upside with 1.3166 & 1.3234 as targets.
Any subsequent fall below the 1.3100 handle is likely to find support near the 1.3080 region, below which the pair seems all set to aim towards testing the key 1.30 psychological mark.On the flip side, mid-1.3100s now seems to act as an immediate resistance, which if cleared might assist the pair to make a fresh attempt towards conquering the 1.3200 handle.