The British pound is holding back above the 1.2200 level against the US dollar after quickly reversing from the 1.2150 level. The well-flagged neckline of the head and shoulders pattern on the one-hour time frame is found at the 1.2195. The four-hour time frame tells a different story, with a bullish pattern still holding an upside projection close to 1.2500. The...
The British pound has surged to its highest trading level since late-July against the US dollar as dip-buyers retain control of the pair. The GBPUSD pair has hit its near-term bullish target, at 1.2310, although the larger upside objective is closer to the 1.2500 level. Bulls will need to hold price above the 1.2310 level to encourage additional buying towards the...
The euro has seen a pick-up in selling against the greenback, as traders continue to sell any moves above the 1.1100 resistance level. If weakness persists we are likely to see the former weekly low come into focus, with the 1.1020 level the foremost weekly support zone below. Buyers need to move price above the 1.1130 level, although bullish sentiment currently...
Trading suggestion: . There is still a possibility of temporary retracement to suggested resistance line (1.3275). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . USDCAD is in a range bound and the beginning of downtrend is expected. . Price is below WEMA21, if price rises more, this line...
Trading suggestion: . There is a possibility of temporary retracement to suggested support line (1.19815). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . GBPCHF is in a down trend and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support....
The euro currency has slipped into the red for the trading week against the US dollar, following a heavy rejection from the 1.1160 level. Bears have the upperhand while price trades under the 1.1110 level, leaving the EURUSD pair exposed to further losses. Overall, bulls need to maintain price above the 1.1130 level, or the EURUSD pair could slip back towards the...
The US dollar has staged a powerful reversal from the 104.50 level against the Japanese yen, with the counter-rally so far moving slightly above the 106.00 level. Buyers need to move price above the 106.40 level to really accelerate technical buying interest. The latest moves in the USDJPY reminds traders that the pair is incredibly sensitive to Sino-US trade...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=0.6755. But the short term forecast is range bound, so we expect to reach the following targets: TP3: R1=0.68. TP4: R2=0.683. Set the stoploss of these orders at breakout of S2=0.6735. Stop and reverse: If trend gets reversed, sell (stop) orders will be opened at breakout of...
Trading suggestion: . There is a possibility of temporary retracement to suggested support line (0.6735). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . AUDUSD is in a range bound and the beginning of uptrend is expected. . The price is below the 21-Day WEMA which acts as a dynamic...
The euro is attempting to gain bullish momentum against the US dollar, following Friday’s strong recovery above the 1.1150 resistance level. Buyers need to keep price above the 1.1130 level to mount another challenge towards the important 1.1160 resistance area. Overall, the recently created bullish double-bottom pattern and the weaker greenback are helping to...
The British pound remains well-supported against the US dollar in early Monday trade, after a fairly bullish weekly price close on Friday. The recent advance towards the 1.2300 level has created another higher high, further encouraging traders to buy the GBPUSD pair. Overall, the large inverted head and shoulders pattern on the lower time frame is projecting that...
Trading suggestion: . There is still a possibility of temporary retracement to suggested resistance line (0.9816). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . USDCHF is in a range bound and the beginning of downtrend is expected. . Price is below WEMA21, if price rises more, this line...
The euro is back under downside pressure against the greenback, after suffering another upside rejection from the 1.1110 level and falling to fresh new weekly trading low. Technically, the EURUSD is going to struggle to find attract buying interest if the pair continues to fail above the 1.1100 level. Chair Powell’s speech later today and the upcoming G7 meeting...
The British pound has staged a strong upside rally against the US dollar, following the release of more positive news regarding Brexit negotiations. GBPUSD bulls have now triggered a bullish inverted head and shoulders pattern, with the 1.2480 level the overall target. The 1.2310 level is the next major resistance level to watch if bulls can maintain the GBPUSD...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=1.2195. But the short term forecast is range bound, so we expect to reach the following targets: TP3: R1=1.227. TP4: R2=1.23. Set the stoploss of these orders at breakout of S2=1.2175. Stop and reverse: If trend gets reversed, sell (stop) orders will be opened at breakout of...
Trading suggestion: . There is a possibility of temporary retracement to suggested support line (1.2195). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . GBPUSD is in a down trend and the beginning of uptrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic support....
The British pound is still holding above the 1.2100 level against the US dollar, although the pace of recent gains has now started to slow down. Bulls need to move price above the current weekly trading high to encourage buying towards the 1.2200 level. Overall, a potential inverted head and shoulders pattern may be forming while price holds above the 1.2080...
The euro currency is trader slightly lower against the US dollar in early Thursday trade, following a fairly uneventful FOMC Meeting Minutes. The release of EU PMI Manufacturing data is the main market mover for EURUSD pair, with bearish German data likely to force a test of the 1.1050 level. A better than expected German PMI number could prompt another test of...