MujkanovicFX

MujkanovicFX

Brent crude has fallen almost $15 since its 2019 peak of $75, forming a double bottom pattern which aligns with the 61.8% Fib level of the Dec 24 - Apr 25 move. Crude inventories came in higher than expected for the last six Wednesdays, which played an important role in the $15 fall. However, a possible escalation of tensions in the Middle East after two tankers...

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Take a look at the following EUR/NZD chart. The price broke below a rising channel and completed a pullback, the level aligns with the 61.8% Fib level and forms a strong horizontal resistance with the previous highs. There's also a slight bearish divergence on the short-term timeframe, with the RSI failing to make new highs despite the rise in the price.

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The EURCHF pair has reached once again an important support level which can be seen on the weekly chart. The support is formed by a confluence of the 61.8% Fib level and a strong horizontal support - the lower levels of the recent range. Shorter-term charts shows a symmetrical triangle pattern which may soon break out to the upside. The pair may retest the upper...

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The GBP/USD pair is about to trigger a head and shoulders pattern on the daily chart, after rejecting the 50% Fib level of the April '18 - December '18 impulse move. The pattern projects a fall of around 450 pips (around 3%), which aligns with the December 2018 low of 1.2500. Bear in mind that upcoming Brexit developments may increase volatility and intraday...

MujkanovicFX

A beautiful setup appeared on NZDCAD. The pair has reached the 61.8% Fib level which seems rejected with a reversal morning start forming on the daily chart. The pair has also been trading inside a bullish wedge, and a break above the upper wedge line could send the pair to the 0.91xx area (a 3% gain). The recent down-move on the daily seems overstretched...

MujkanovicFX

NZDCAD is triggering a bullish wedge pattern on the daily chart, after finding strong buying power at a horizontal support zone previously. (Setup posted recently). The bullish divergence is also still in-tact. Overall, the pair trades near the lower range levels and has more upside potential. Today's risk-on market environment and week/month-end profit taking...

MujkanovicFX

NZDCAD reached a horizontal support level, near the lowest level of 2019. A strong bullish candle is forming, and a bullish view is also confirmed by a bullish divergence between the price and the MACD. Furthermore, the pair is forming a bullish wedge pattern with the current fifth having a high probability of breaking above the upper wedge line.

MujkanovicFX

AUDCAD has been in an overall downtrend so far and seems to face resistance at the 61.8% Fib level. In addition to the Fib and horizontal resistance, the price has also formed a bearish divergence on the MACD. Today's strong bearish candle and rising oil prices (positive for CAD) supports our view.

MujkanovicFX

NZDUSD has formed a sell setup on the daily chart after completing a pullback to the previously broken rising trendline. In the shorter-term, the pullback aligns with the 61.8% Fib level, which may signal that the recent short-term downtrend may continue. Zooming out to the daily, we can also identify a symmetrical triangle, which suggests that the longer-term...

MujkanovicFX

The EURUSD pair seems to have difficulties breaking below the 2018 low of 1.1176, printing bullish candlestick patterns in the last two days. Even though the pair has been trading in an overall downtrend for a few months now, notice the bullish wedge pattern in forming. Sellers are losing steam in pushing the price lower to large extent. In addition, the pair...

MujkanovicFX

The NZDCAD pair broke above a long-term trendline which has started in late 2016 and formed what looks like an inverse SHS pattern. A daily close above 0.9300 would mark the pattern as triggered and confirm a buy setup. This week's RBNZ rate meeting will likely create volatility in NZD pairs and either confirm our bullish bias or put the trade on hold. Like...

MujkanovicFX

Hi traders! Here we have a beautiful setup on NZDUSD. After the initial strong up-move following the Fed meeting, the pair gave back its gains to trade near a confluence of a horizontal support and trendline support. The current H4 candle shows that buying momentum is building up, which could send the pair further up. Like our analysis? Please hit the "Like"...

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After a strong down-move following the dovish FOMC meeting yesterday, USD/SEK seems recovering at an important demand zone. The pair is trading inside a rising channel and has reached near the lower channel support, which aligns with a horizontal support and the 61.8% Fib level. Today's candle could provide the needed confirmation to enter with a long. Like...

MujkanovicFX

The USDCAD pair is forming a very nice buy setup on the daily chart, after recently finding support at the confluence of a rising trendline and the 61.8% Fib level (February 27). In March, the pair broke above a triangle pattern and completed a pullback to the upper triangle line. The current price action is extremely interesting as a long confirmation, given...

MujkanovicFX

USDCHF forms a promising buy setup. There are multiple confirmations: 1) The pair is in an overall uptrend (Higher Highs + Higher Lows) and is now testing the 61.8% Fib level, which if respected might send the pair up. 2) A rising trendline is providing support at current levels. However, there are only two previous retests of the trendline (ideal would be...

MujkanovicFX

CADCHF is trading near a horizontal resistance and has recently entered into a consolidation, forming a bearish wedge pattern. This is a continuation pattern, and the price seems to be breaking out to the downside. Further to the upside, the longer-term trendline could provide strong selling power. Like our charts? Please hit the "Like" button and feel free...

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The NZDJPY is having difficulties to break above the 76.50 level, forming what looks like a triple top pattern on the D1 chart. The current price is also close to the 61.8% Fib level, which looks to hold so far. Note that we draw the Fibonacci retracement from 72.37, to avoid the flash-crash from January 3 to interfere with our analysis. Like our charts? Please...

MujkanovicFX

EURCAD formed a promising buy setup after breaking above the falling channel and finding support at a longer-term trendline earlier. The pair now trades close to a horizontal support level. The pair fell significantly after the ECB press conference last week and bad news about the euro area may already be fully priced in. An important factor for the EURCAD pair...