Updated Intraday technical analysis for major currencies - page 5
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On May 15, the GBP/USD pair managed to break down the lower limit of the bullish BLUE channel depicted on the chart. Since then, the pair has been moving within the triangle pattern after having a quick bearish swing between 1.6300 and 1.5260.
Price level of 1.5767 which corresponds to the upper limit of the symmetrical triangle, constituted an intraday resistance for the pair as expected.
Recently, the GBP/USD pair has found a significant support at the lower limit of the triangle pattern around 1.5490 showing obvious bullish price action which is manifested in the bullish engulfing daily candlestick which was followed by days of indecision as depicted on the chart.
During the last week, GBP/USD was moving within the bullish 4H channel depicted on the chart after finding support around price level of 1.5490.
On Friday, price level of 1.5577 expressed a significant bullish action pushing the GBP/USD pair higher towards 1.5700 until now.
The upper limit of the depicted channel is located around 1.5730 corresponding to previous tops and constituting a significant intraday Resistance level.
The market offers a SELL entry around price level 1.5730 with tight Stop Loss located above 1.5750.
The USD/CAD pair movement was sluggish bearish during the previous days of consolidation which is manifested within the transverse direction of the Yellow & Blue channels depicted on the chart. In fact, still there was no significant price action until Friday when the USD/CAD pair has broken its Resistance level around 0.9920 which was followed by another sluggish movement during this week.
Price zone of 0.9920 was regarded as an intraday Support level for the pair where a BUY entry was suggested yesterday. However, the pair went down towards the lower limit of the Yellow channel around 0.9880 which still constitutes a strong Intraday Support level.
The USD/CAD pair has a significant intraday Resistance level around 0.9900 corresponding to the midline of the Yellow channel which needs to be broken in order to resume the bullish movement aiming at higher targets towards 0.9930 initially.
Bearish breakdown of 0.9880 currently invalidates the bullish scenario.
On May 15, the GBP/USD pair managed to break down the lower limit of the bullish BLUE channel depicted on the chart. Since then, the pair has been moving within the triangle pattern after having a quick bearish swing between 1.6300 and 1.5260.
Price level of 1.5767 which corresponds to the upper limit of the symmetrical triangle, constituted an intraday resistance for the pair as expected.
Recently, the GBP/USD pair has found a significant support at the lower limit of the triangle pattern around 1.5490 showing obvious bullish price action which is manifested in the bullish engulfing daily candlestick followed by days of indecision as depicted on the chart.
Yesterday, GBP/USD tested the upper limit of the depicted triangle around the price level of 1.5730 showing a significant bearish price action manifested in the inverted hammer daily candlestick which enhances the bearish view of the pair in the midterm. However, today the pair found support at the lower limit of the channel around 1.5635 expressing obvious bullish price action as well.
During the last week, GBP/USD was moving within the bullish 4H channel depicted on the chart after finding support around price level of 1.5490.
On Friday, price level of 1.5577 expressed a significant bullish action pushing the GBP/USD pair higher towards 1.5730 which is a significant intraday Resistance level mentioned this week.
Today, the GBP/USD pair found support at the lower limit of the channel around 1.5635 expressing obvious bullish price action which weakens the bearish scenario. However, the view remains bearish as long as the pair is trading below 1.5750.
The market still offers SELL entry around the price level of 1.5730 with tight Stop Loss located above 1.5750.
Breakdown of support level 1.5666 opens the way for the GBP/USD pair to resume its bearish movement towards 1.5630 and 1.5580.
Despite this prolonged sluggish bearish movement of the USD/CAD pair, bullish Head & Shoulders reversal pattern was expected to be formed yesterday with neck line located around 0.9900. However, the pair expressed a significant bearish price action towards this neck-line as well as the upper limit of the Yellow channel at 0.9900.
Failure of the USD/CAD pair to breakthrough intraday Resistance level at 0.9900 brought it back down towards the lower limit of the Yellow channel around 0.9860 which should constitute an intraday Support level for the pair.
The backside of the broken Violet channel as well as the midline of the Yellow channel located at 0.9880 constitute a strong intraday Resistance level for the USD/CAD pair providing a valid SELL entry with SL located above 0.9900.
TP levels are to be located at 0.9860, 0.9840 then 0.9800.
The GBP/USD pair has expressed wide range movement which was expected taking into account the wide Linear Regression Blue & Yellow channels expressed on Monday.
The upper limit of the short term Violet channel has been broken yesterday which enhanced the bullish view of the pair in the short term hitting its target at 1.5777.
The lower limit of the Violet channel as well as the midline of the Yellow channel are located around the price level of 1.5710 which is considered to be a valid low risk BUY entry with SL located below 1.5670, while TP levels are located around 1.5715, 1.5744 then 1.5785.
The pair has an important intraday Resistance level located around 1.5765 which is being tested now corresponding to the upper limit of the Yellow channel which is expected to demonstrate a further resistance of the bullish movement in short term.
The USD/CAD pair has been trading in over-sold status within a wide-ranged bearish channel which is depicted on the chart in red.
Recently, the USD/CAD pair has broken through the upper limit of the short-term bearish channel which is depicted on the chart in Blue which indicates a possible bullish retracement towards Price Level 0.9970 initially.
Breakout above the bearish Blue channel opens the way for the USD/CAD pair to visit the upper limit of the longer-term channel around price level 1.0025 as long as the pair is trading above the most recent low around 0.9840.
Price Level 1.0025 not only corresponds to Fibonacci Levels 50% and 78.6% of the most recent two bearish swings, but also corresponds to the upper limit of the long-term bearish channel depicted on the chart. That's why price action should be watched there for a possible SELL entry with SL located above 1.0080.
The GBP/USD pair has expressed wide-ranged movement which was expected taking into consideration the wide Linear Regression Yellow channels expressed on Monday.
The GBP/USD pair has resumed its bullish movement after hiting 1.5777 Yesterday recording a higher high Today at 1.5816 after failing to breakdown the lower limit of the Blue channel.
The lower limit of the Blue channel as well as the midline of the Yellow channel are located around the price level of 1.5767 which is considered to be an Intraday Support Level which needs to be broken in order to allow the GBP/USD pair to make retracement towards the lower limit of the Yellow channel around 1.5725.
The pair has an important Intraday Resistance level located around 1.5810 which is being tested Today corresponding to the upper limit of the Yellow channel which is expected to demonstrate a further resistance of the bullish movement in short term. Otherwise, the pair is going to make another bullish swing targetting at 1.5850 initially.
The GBP/USD pair demonstrated a strong bullish movement which was expected considering the movement channel expressed this week within which the pair was consolidating.
The GBP/USD pair has resumed its bullish movement recording a higher high this week at 1.5912 after breaking through 1.5750 reaching the upper limit of the depicted channel without expected bearish retracement.
The pair has an important intraday Resistance level located around 1.5910 which was tested yesterday corresponding to the upper limit of the movement channel which acted as a resistance of the bullish movement in the short term.
The lower limit of the movement channel as well as the significant Support level are located around the price level of 1.5750 where price action should be watched for a possible valid low risk BUY entry with SL located below 1.5700.
The USD/CAD pair was trading in oversold position within a wide range bearish channel which is depicted on the chart in red.
Recently, the USD/CAD pair broke through the upper limit of the short term bearish channel which is depicted on the chart in Blue indicating a possible bullish retracement towards the price level of 0.9970 seen on Wednesday with successful retesting of the backside of the broken channel at 0.9888.
Breakout above the bearish Blue channel opens the way for the USD/CAD pair to visit the upper limit of the longer-term channel around the price level of 1.0025 as long as the pair is trading above the most recent low around 0.9840. However, the pair is currently facing resistance around price level of 0.9945 where a recent short-term top is located. It needs to be broken in order to resume the movement towards 1.0000.
Price level of 1.0025 not only corresponds to Fibonacci levels of 50% and 78.6% of the most recent two bearish swings, but also corresponds to the upper limit of the long term bearish channel depicted on the chart. That's why price action should be watched there for a possible SELL entry with SL located above 1.0080.
The USD/CAD pair was trading in oversold position within a wide range bearish channel which is depicted on the chart in red.
Recently, the USD/CAD pair broke through the upper limit of the short term bearish channel which is depicted on the chart in Blue indicating a possible bullish retracement towards price level of 0.9970 seen on Wednesday with successful retesting of the backside of the broken channel at 0.9888.
Breakout above the bearish Blue channel opens the way for the USD/CAD pair to visit the upper limit of the longer term channel around the price level of 1.0025 as long as the pair is trading within the current consolidation range above 0.9888. However, the pair found resistance around price level of 0.9945 which will probably push the USD/CAD pair to retest 0.9888 again before further continuation of the bullish movement.
Price level of 1.0025 corresponding to Fibonacci levels of 50% and 78.6% of the most recent two bearish swings. That's why price action should be watched there for a valid SELL entry with SL located above 1.0080.