USDCAD has been moving sideways after a major downtrend breaking out of a descending triangle a couple of weeks ago. After this week, we can see that price has formed somewhat of a head and shoulders pattern, with current price forming the last shoulder. Additionally, the last shoulder is currently forming on a strong resistance point from a falling...
Way to Gold! The gold has once again broken new high and reached 1779, a level not seen in more than 8 years. As high as gold already was, the demand for safe-haven asset continued to rise through the pandemic. There are so many reasons - the unprecedented printing of money (i.e. bond purchases), the super low-interest rates which will last for a couple of years,...
This month will be critical for the dollar as it will show whether the price will stay supported within the rising channel or confirm the break. What's likely the outcome is the dollar will start to really weaken, both fundamentally and technically. 103 probably marked the peak for the dollar and the price has already wiped out all gains in March if we exclude the...
The US stock market recovery was certainly too extensive which is well reflected on the chart as the market started to reverse. The trigger came from a sudden jump in the number of new COVID cases in the US but the market rebounded and climbed as the number of new cases did not continue to rise. However, the market was seen falling again after continuously...
The recent fall from early last week, specifically last Thursday after FOMC, has some similarities with the crazy selloff in late February. One glance at the daily chart should be enough to explain the resemblance. Now that the price has retraced significantly and undergone a period of resistance, it's about time the price will continue to fall or otherwise. One...
NZDUSD topped at 0.6580 after resisted by a major falling trendline in the weekly chart. The price fell after tested the resistance twice, forming a double top, and broke both a rising trendline and the neckline of the double top. As the dollar started to rebound amid increasing risk sentiment, NZDUSD is most likely to sustain a falling trend as commodity-currency...
USDCAD found support at the zone of previous channel breakout, and has begun a retracement. Price managed to close above a supply zone, and has retested finding support. As price managed to close above the supply zone before market closing, we could expect further upside this week. Await pullbacks to buy USDCAD till the next immediate resistance seen at 1.3730 - 1.3800.
EURUSD finally found support near the top of previous high after an uptrend lasting almost a month. With such a large movement upwards, we could expect price to retrace lower before finding a direction again. This week, we could await short pullbacks to sell EURUSD, or conversely, await price to find support at previous demand zones before buying EURUSD again.
Just a couple of weeks before, the gold reached a new high at 1765 and started pulling back, forming a counter-trend falling channel. Last week, the price successfully broke above the top of the channel, signalling that price may continue to rise. The MAs have also started to bend upwards and market has been trending upwards smoothly. A small pullback into the...
After forming a Head and Shoulder pattern, GBPUSD managed to break below its neckline. This week, GBPUSD failed to find support at supply/demand zone formed at previous inside bar candle. Price came back up for a retest and continued dipping. As price is soon approaching a key support zone at 1.2000 again, we are expecting strong support at this level. Should...
USDCAD has been in a major consolidation range ever since price shot up due to WTI crashing. Demand zone at 1.387 - 1.3921 has shown to be a strong support zone and price has not been able to break below. This week, price climbed back up to the top of the range and got resisted again. As USDCAD has been forming lower highs, we are expecting price to fall and test...
EURUSD climbed steadily last week but faced strong resistance as it reached the top of the major range. At the same time, a bearish bat was formed which attracted strong selling and now the price is revisiting the bottom again. As the current bearish trend has just begun, or probably halfway, the price is most likely to fall further. Therefore, we can first wait...
Just awhile ago, EURUSD was testing the top of a symmetrical triangle. There was resistance but not enough sellers to pick up the momentum. Since it continues to climb and break higher, we look to the next probable pattern for a turning point. Here we have a clear bearish bat which technically should cause the market to reverse from 1.0990 onwards. We can now look...
This is a simple and basic trade setup to sell from the top of a ranging pattern. So in this case, the price has climbed from the bottom of a symmetrical triangle to the top again. In that process, 3 bullish waves were formed and the price is likely to pull back before it can climb further into a new trend. Would you sell at the top right now?
GBPUSD has been ranging since late March 2020. The price revisited the bottom of the range near 1.2300 and seems supported for now. If the price is able to rebound and break above the falling trendline which was created in this downtrend, there's a good chance that the price will climb back upwards. The current range also preceded after a strong bullish trend and...
The Dow climbed at first and broke previous high but started to reverse and fell steadily throughout the last two trading days. The bearish trend has resulted in the breakaway from a bullish structure as it broke below the bottom of a rising channel. Previously, the price has also broken below the bottom of a rising wedge thus the recent break has put a stop to...
The gold fell and trade lower amid a double top last week but pulled back significantly on the last trading day. About two months ago since the huge selloff, the price took about one month to recover and even broke higher. The recovery was definitely extensive and overbought which led to a 3-week range up till now. Since it is clear that the price is trading at...
EURUSD reversed and climbed throughout the entire week but faced strong resistance as it approached the top of a bearish flag. The price has been consolidating within a bearish flag for the past 6 weeks since the plunge from 1.15 to near 1.06. The current bearish trend is no doubt part of the 6-week consolidation and should not be recognised as a newly established...