Sentiment for the EUR improving based on recent comments from ECB although the market is still waiting for Draghi speech in an hour.
On H4 and lower timeframe, the pair has reached 61.8% fibo level of 16 Nov to 21 Nov impulse. Stop loss at today's low around 1.5630 targeting 1.5840.
The pair is testing its support trendline from 19 Mar 2018, near 78.6% retracement of 26 Oct low to 8 Nov high.
I have been bullish CAD on the tightening prospect by BoC and I think crude has found support at 55.15 and will consolidate below 59.50.
On the calendar, we'll hear a couple of speeches and inflation data on Friday.
Stop loss below 85.20 targeting 88.00.
AUDUSD traded above 23.6 ret (0.7280) of this year downtrend and bulls should target the next retracement level around 0.7450.
It's interesting that these levels coincide with 100 and 200-day SMA.
In addition, there is a potential bearish shark pattern with completion around the target mentioned above.
Stop loss below 0.7250.
This is a bullish 5-0 pattern, formed in monthly chart.
The first bounce from 50% retracement (around 1.1450) reached 38.2% retracement of February high to August low around 1.1800/1.1780 before the pair resume downtrend and reached AB=CD projection.
Stop loss below 1.1180.
USDCAD has broken its H4 rising trendline following completion of a bearish deep crab pattern and could reach 38.2% retracement of 1Oct low to 14Nov High around 1.3080.
Moreover, WTI has found support at 54.87, near 200-week EMA and 61.8% retracement of Jun2017 low to Oct2018 high.
On a longer-term view, I think the pair can even go to 1.2700 in a few months...
The pair has completed a bearish Crab pattern around0.6870 after a 5 waves impulse from 7 Oct low.
0.6820 could be the immediate support but I think 3 waves correction to 0.6700 and below is more likely.
Keep an eye at that level and watch for buy setup.
The pair has tested the rising trendline connecting Oct 2016 and Aug 2018 lows twice now (late October and last week) amid Brexit uncertainty - and twice also my stop got triggered.
Immediate support should be the 1.2800 level near 78.6% of 30 Oct low to 7 Nov high. Stop loss below 1.2700 targeting 1.2500.
The pair has completed a bullish Gartley pattern with a rebound from 161.8% BC and last seen testing the 78.6% XA at 144.55.
Sentiment a bit clouded in UK where PM May is 11 votes away from being challenged and so the bulls might hesitate to act.
I expect both US10Y and DE10Y continue to rise.
But, the spread between the two countries may find resistance around 1.618 projection.
Under that scenario, I suspect EURUSD has bottomed at 1.1300 and could target 50% retracement of September 2018 high to Oct 2018 low at 1.1558.
DXY still consolidating around 93.00. Been waiting for several weeks now hoping to see a nice rebound from 200 EMA in weekly chart which coincides with 88.6% fibo of last year uptrend.
