AUDCAD has tested horizontal and trend line support around 0.89500 and displayed bullish price action on the shorter term suggesting the trend will hold. The market remains oversold in the longer term. We expect a break of 0.89800 before an extension higher.
GBPNZD has shown bearish price action amid increased Brexit concerns and has pulled back to technical support. With a weak NZD we expect this uptrend to continue which is supported by horizontal and 61.8% fib below. Technical indicators show an oversold market.
CADCHF has pulled back to 4hr horizontal resistance and a re-test of the broken uptrend. 61.8% Fib acts as further resistance. The pair has begun to post lower lows and a lower high and therefore bullish momentum appears to be diminishing. RSI and stochastic suggest an overbought market.
So what next for Bitcoin. The chart has been stuck in a descending triangle pattern from June of this year, posting lower highs and equal lows. It appeared to be only a matter of time before a break to the downside. After a significant break during yesterdays session, sellers could begin to pick up. Looking at the chart a pullback to support followed by further...
EURCHF has weakened and is now testing key support. As we look on the 1hr time frame RSI shows divergence and there is a clear stochastic cross in oversold conditions. We are now expecting buyers to take over.
AUDNZD has posted a double top on the 1 hr time frame and posted lower highs and lower lows. After a pull back to resistance and double top neckline, we are now expecting a continuation in downside momentum .
CADJPY remains in a daily, falling trend channel and after a bounce off the top currently sits mid range. We are still forecasting a return to lower levels so we have entered short from the top of 1hr channel. RSI is overbought and Stochastic suggests market momentum is diminishing.
USDCAD is at hourly resistance level and triple top. RSI displays divergence and Stochastic indicator displays an overbought market. We will be awaiting further bearish price action to confirm the ascending triangle pattern holds.
EURNZD has posted a double top at key resistance an shown bearish price action. We have entered a short position after a re-test of the weekends gap.
USDCHF has pulled back to trend line support amid Fed rate cut earlier on in the week. The USD has retained strong however and on a test of the support has seen a significant rejection of this level. We are not looking for a move toward 0.99800.
EURCAD continues to trade within its 4hr downtrend. On the shorter term timeframe the pair has posted a bearish head and shoulders pattern with short term lower highs and lows. We are now expecting a return to the lower boundary of the 4hr trend.
EURNZD approaches key resistance level at 1.75600. The chart has posted a triple top and lower lows. Momentum indicators display RSI divergence and an oversold market across the short and medium term. We will be waiting bearish price action around this level for confirmation.
AUDCAD has posted a double bottom on the 4hr time frame and has since posted a higher higher and higher low off of these levels showing momentum is changing. RSI and Stochastic remain oversold. We are now looking for long opportunities.
Gold currently sits in an ever narrowing wedge pattern as markets await for signs of the strength of the worlds largest economy. As talk of an impending recession continue and US data continue to unimpress, the consensus is widely in favour of a Federal Reserve rate cut later today. Should we see that, we expect gold to break to the upside to at least 1518 in the...
CADJPY remains in the long term downward trend on the daily time frame. As we look on the shorter time frame - 60 minutes there is a shorter term intra-day range. After a test of the upper boundary of the long term range and a shorter term downtrend we are now expecting a move lower to at least 81.000 level. Momentum indicators suggest that the downtrend will continue.
CADCHF posted a bearish head and shoulders at the top of the daily downward trend and continued lower to break the neckline. The pair has now pulled back to re-test this level and we are now expecting further downward price action towards the lower range boundary. RSI and Stochastic indicators suggest an over bought market.
EURUSD is at technical support and displayed bullish price action on the shorter term. There is a sign of RSI divergence and an oversold market. With the Fed expected to cut rates tomorrow we are looking for that to be priced in during today's session.
AUDNZD has moved higher to weekly trend resistance. On the open this morning the level showed a strong rejection of the level. The market is overbought across long and short time frames so a pullback is expected.