Green Candle After bottom of rangeI took this trade on USDCAD because this range has been very clear and the probability of staying in the range is higher than breaking out of it. Range trading is one of the easiest methods of trading.
Rangebottom
GBPUSD Buy the Pullback...again?Just did a buy earlier and after the price has gone up, it broke another trendline thus giving us another opportunity to buy the pullback again.
GBPUSD has moved 50 pips based on today's swing low to swing high and could go up to 70 pips or more if it's able to trend later.
With the current setup, it would be a good to give it a try again later during the US session if it does pulls back to the demand level at 1.3675.
And after all, we are also seeing a potential rebound from the bottom of the current market range.
Gold: Weekly Forecast 15th August 2021The gold plunged to a 14-month low at as the market opened last week.
It quickly made a sharp rebound and continued to climb through the rest of the week, showing a build up in the buying momentum.
As of current, the gold may face some resistance at the FR618 level, and slightly higher will be the breakout level at 1795.
This week, we expect the market to shed off some gains at the beginning and continues to climb later.
Overall, we will focus on buying and looking for entry from 1770 onwards to 1760.
EURUSD: Weekly Forecast 15th August 2021EURUSD broke lower at the beginning of last week but ended with a strong bullish candle on the last trading day.
The strong bullish rebound came from the lowest point of an 8-month market range which helps explain the rebound itself.
Despite growing sentiment of a rate hike by the Fed, the dollar has already strengthened for the last 3 months.
That means there can be a good chance that the market has bought news and may sell the fact going forward, thus causing reverse effect on the dollar.
This week, we will look for buying opportunities as the price pulls back, looking for an entry starting from 1.1770 to 1.1730.
On the upside, we will observe for strong supply around 1.1850 where there could be potential selling.
And should the price is able to break above 1.19 and the falling channel, we expect the price to retest the equilibrium level 1.1990.
