EURCAD is approaching its support at 1.4943 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.5026 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 1.3% where a corresponding bounce could occur.
USDCAD is approaching its support at 1.2898 (61.8% & 100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.2960 (38.2% Fibonacci retracement, horizontal pullback resistance). Stochastic (55, 5, 3) is approaching its support at 1.7% where a corresponding bounce could occur.
NZDUSD is approaching its resistance at 0.6633 (100% Fibonacci extension, 76.4% & 50% Fibonacci retracement, horizontal overlap resistance) where it could potentially reverse down to its support at 0.6559 (38.2% Fibonacci retracement, horizontal swing low support). Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
Following heavy losses during last week's collapse, the Dow Jones Industrial Average printed an impressive recovery on Tuesday, up 2.25% on the day. Led by technology and healthcare sectors, the H4 candles reclaimed its August’s opening level at 25376 and concluded trade within a stone’s throw away from resistance marked at 25815.
What’s also notable from a...
XAUUSD is approaching its resistance at 1235 (100% Fibonacci extension , 38.2% Fibonacci retracement , horizontal overlap resistance) where it could potentially reverse down to its support 1210 (100% Fibonacci extension , 50% Fibonacci retracement, horizontal pullback support). Stochastic (55, 5, 3) is approaching its resistance at 95% where a corresponding...
EURGBP is approaching its resistance at 0.8854 (61.8% Fibonacci extension , 50% & 38.2% Fibonacci retracement , horizontal overlap resistance) where it could potentially reverse down to its support at 0.8792 (50% Fibonacci retracement , horizontal swing low support). Stochastic (89, 5, 3) is approaching its resistance at 91% where a corresponding reversal could occur.
AUDNZD is testing its resistance at 1.0852 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance) where a potential reversal to its support at 1.0783 (76.4% Fibonacci retracement) could occur. RSI (55, 5, 3) is testing its resistance at 41% where a corresponding drop could occur.
EURCHF bounced nicely off its support at 1.1420 (100% Fibonacci extension, 61.8% & 38.2% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.1488 (61.8% Fibonacci extension, horizontal swing high resistance). Stochastic (55, 5, 3) is bounced off its support at 7.7% where a corresponding rise could occur.
USDJPY is testing its support at 112.191 (100% Fibonacci extension, 23.6% & 38.2% Fibonacci retracement and horizontal overlap support) where it could potentially bounce to its resistance at 113.494 (61.8% Fibonacci retracement). Stochastic (55, 5, 3) is approaching its support at 2.32% where a corresponding bounce could occur.
GBPAUD is approaching its support at 1.8393(100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.8519 (38.2% Fibonacci retracement, horizontal overlap resistance). Stochastic (55, 5, 3) is approaching its support at 7% where a corresponding bounce could occur.
AUDUSD reversed off its resistance at 0.7144(61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing high resistance) where it could potentially drop further to its support at 0.7081 (61.8% Fibonacci retracement, horizontal overlap support). Stochastic (55, 5, 3) reversed off near its resistance at 98% where a corresponding drop could occur.
EURCAD is approaching its support at 1.5010 (50% & 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.5129 (horizontal swing high resistance). Stochastic (21, 5, 3) is approaching its support at 1.7% where a corresponding bounce could occur.
XAUUSD is approaching its resistance at 1236 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where it could potentially reverse down to its support 1211 (100% Fibonacci extension, 23.6% Fibonacci retracement, horizontal pullback support). Stochastic (55, 5, 3) is approaching its resistance at 95% where a corresponding...
EURUSD is testing its resistance at 1.1622 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback resistance) where it could potentially reverse down to its support at 1.1556 (38.2% Fibonacci retracement, horizontal swing low support). Stochastic (89, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
NZDUSD is testing its resistance at 0.6545 (61.8% Fibonacci extension, 38.2%, 23.6% Fibonacci retracement, horizontal overlap resistance) where it could potentially reverse down to its support at 0.6492 (50% Fibonacci retracement, horizontal pullback support). Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
GBPJPY is testing its resistance at 149,00 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where it could potentially reverse down to its support 148.14 (61.8% Fibonacci retracement, horizontal swing low support). Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
US equities have some real concerns at the moment. Rising interest rates, trade conflict with China and anxieties regarding an ageing bull market saw the Dow Jones Industrial Average print its second consecutive daily loss on Thursday.
However, there could be some light at the end of the tunnel according to our technical studies. Kicking off things from the top,...
GBPUSD is testing its resistance at 1.3240 (61.8% & 100% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap resistance) where it could potentially reverse down to its support at 1.3138 (50% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal could occur.
