The 4-hour chart of USD/CAD has broken its downtrend formation. It has made a higher high and also broken the neckline of the head and shoulder pattern, which initiated the downtrend. We advise the traders to catch the trend early when the pair makes a dip. Traders can long on a dip when buying cues cast on shorter time frames.
Atlast! It has happened. The pair has broken out from its tight range as per our analysis. A retest of the broken range is expected and the pair is also forming a bullish butterfly pattern. Hence we advise the traders to wait for a pullback and then make a short trade and not to initiate a long trade.
The DXY index is trading in a tight range for the past few days. It is in the process of forming a potential head and shoulder pattern. Also trading around a strong trendline and multiple support zone based on price action. Market is awaiting cues to make a major move on either side. Hence, wait for our updates to instigate a perfect trade.
The 1-hour chart of EUR/USD is currently in a descending channel formation. The trend line also coincides with 200 SMA which could acts as strong resistance. As per our analysis,we expect a strong selling pressure immediately. On the contrary,if it breaks the resistance,we can expect short covering too.
The 4-hour chart of EUR/USD indicates that the pair is still in consolidation phase. The pair is facing selling pressure at higher levels. Though it crossed the resistance of 1.17209, it failed to hold on to the breakout and is currently moving downwards. We expect the selling pressure to get intensified from here and the pair is likely to get support at either of ...
The weekly chart of DXY formed a round bottom pattern and made a strong bullish move. It faced resistance around the value of 95.18. Its is currently trading near the 9-EMA which also coincides with the murray math line 4/8 value(support zone). Since both these are strong support zones,we can expect a good up move in short-term and once it crosses the ...
The pair has formed a falling wedge pattern and has given a valid breakout above the wedge. It can witness a throwback and the price can retest the wedge line once again. Based on the current momentum and with the application of Murrey math line,we expect the pair to move towards the resistance zone of 1.35538
GBP/JPY has broken its bearish trend line. The price action has also created a higher low. The price action indicates that it will move towards the next resistance placed at 148.092. If it makes a bullish crossover above the resistance,then we can expect the price to move towards the major resistance of 149.967.