Updated Intraday technical analysis for major currencies - page 7
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In the previous articles, we suggested that the potential downside movement remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.
Price zone 0.9900 - 0.9860 (Important Fibonacci Levels) provided strong support expressing strong bullish price action, which is manifest in the giant bullish engulfing daily candlestick.
The USD/CAD pair expressed strong bearish reaction towards 1.0020 - 1.0050, failing to consolidate above 1.0040. This indicated a strong bearish move towards 0.9995; then 0.9945 took place which actually occurred when Intraday Support around 0.9980 was broken down.
The Daily chart showed a narrow consolidation range 0.9905 -0.9955, located few pips above 0.9890 (50% Fibonacci Level) where the price action should be watched for further decisions.
Yesterday, again the USD/CAD pair stepped just below the depicted lower limit of its bullish channel failing to consolidate below expressing a quite significant bullish price action towards 0.9910.
Also there is a possible bullish Head and Shoulders reversal pattern which gives a valid BUY entry around 0.9915 - 0.9900 which was hit this week.
Support: 0.9910, 0.9875, and 0.9815.
Resistance: 0.9950, 0.9980, 1.0010, 1.0040, and 1.0080.
Recommendation
Price zone 1.0025 - 1.0040 provided an excellent long-term SELL entry with SL located above 1.0060, profits should have been taken by now.
Price Zone 0.9915 - 0.9900 provided a valid BUY entry with SL located just below 0.9880. Profits should be taken at mentioned Resistance Levels.
The GBP/USD pair has been fluctuating heavily within the past few weeks after the broken DAILY bullish channel was retested around the price zone of 1.6160 - 1.6180, failing to maintain a directional trend.
On the mid-term aspect consolidation is again above 1.5970. Getting back inside the previous consolidation range indicates high probability that the upper limit around 1.6160 may be visited soon after bears around price level 1.6070 failed to defend this price zone.
On the 4H chart the GBP/USD pair was trapped within narrow range between 50% and 61.8% Fibonacci levels, bullish breakout above 1.6070 took place Monday. This renders price zone 1.6070-1.6050 (the backside of the upper limit of the broken 4H bearish channel) a newly established intraday-support and a considerable zone to be watched for the price action on retesting.
On the 4H chart, there is a possible bearish Head and Shoulders reversal pattern around the current price levels to be confirmed with breakdown below Price Level of 1.6080
Breakdown below the Intraday Support Price Zone 1.5900 - 1.5930 and breakdown of Intraday Support around 1.5850 are necessary to maintain the long-term bearish movement.
Support: 1.6080, 1.6050, 1.6000, and 1.5930.
Resistance: 1.6170, 1.6200, and 1.6265.
In the previous articles, we suggested that the potential downside movement remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.
Price zone 0.9900 - 0.9860 (Important Fibonacci Levels) provided strong support expressing strong bullish price action, which is manifest in the giant bullish engulfing daily candlestick.
The USD/CAD pair expressed strong bearish reaction towards 1.0020 - 1.0050, failing to consolidate above 1.0040. This indicated a strong bearish move towards 0.9995; then 0.9945 took place which actually occurred when Intraday Support around 0.9980 was broken down.
The Daily chart showed a narrow consolidation range 0.9905 -0.9955, located few pips above 0.9890 (50% Fibonacci Level) which is being approached today where the price action should be watched for further decisions.
Yesterday the USD/CAD pair stepped again just below the depicted lower limit of its bullish channel failing to consolidate below expressing a quite significant bullish price action towards 0.9910.
Price Zone 0.9905 - 0.9895 should be defended by the bulls today. Otherwise, the pair will probably reach 0.9855 directly.
Support: 0.9900, 0.9875, and 0.9815.
Resistance: 0.9950, 0.9980, 1.0010, 1.0040, and 1.0080.
Recommendation
Price zone 1.0025 - 1.0040 provided an excellent long-term SELL entry with SL located above 1.0060, profits should have been taken by now.
Price Zone 0.9915 - 0.9900 provided a valid BUY entry with SL located just below 0.9880. Profits should be taken at mentioned Resistance Levels.
The GBP/USD pair has been fluctuating heavily within the past few weeks after the broken DAILY bullish channel was retested around the price zone of 1.6160 - 1.6180, failing to maintain a directional trend.
On the mid-term aspect consolidation is again above 1.5970. Getting back inside the previous consolidation range indicates high probability that the upper limit around 1.6160 may be visited soon after bears around price level 1.6070 failed to defend this price zone.
On the 4H chart the GBP/USD pair was trapped within narrow range between 50% and 61.8% Fibonacci levels, bullish breakout above 1.6070 took place Monday. This renders price zone 1.6040-1.6020 (the backside of the upper limit of the broken 4H bearish channel) a newly established intraday-support and a considerable zone to be watched for the price action on retesting.
On the 4H chart, there was bearish Head and Shoulders reversal pattern which was confirmed by breakdown below 1.6080 and managed to hit its full target at 1.6020 today.
Breakdown below the Intraday Support Price Zone 1.5900 - 1.5930 and breakdown of Intraday Support around 1.5850 are necessary to maintain the long-term bearish movement.
Support: 1.6080, 1.6050, 1.6000, and 1.5930.
Resistance: 1.6170, 1.6200, and 1.6265.
In the previous articles, we suggested that the potential downside movement remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.
Price zone 0.9900 - 0.9860 (Important Fibonacci Levels) provided strong support expressing strong bullish price action, which is manifest in the giant bullish engulfing daily candlestick.
The USD/CAD pair expressed strong bearish reaction towards 1.0020 - 1.0050, failing to consolidate above 1.0040. This indicated a strong bearish move towards 0.9995; then 0.9945 took place which actually occurred when Intraday Support around 0.9980 was broken down.
The Daily chart showed a narrow consolidation range 0.9905 -0.9955, located few pips above 0.9890 (50% Fibonacci Level) which was being tested yesterday where bullish price action was expressed.
Price Zone 0.9905 - 0.9895 should be defended by the bulls today. Otherwise, the pair will probably reach 0.9855 directly.
Support: 0.9900, 0.9875, and 0.9815.
Resistance: 0.9950, 0.9980, 1.0010, 1.0040, and 1.0080.
Recommendation
Price zone 1.0025 - 1.0040 provided an excellent long-term SELL entry with SL located above 1.0060, profits should have been taken by now.
Price Zone 0.9915 - 0.9900 provides a valid BUY entry with SL located just below 0.9880. Profits should be taken at mentioned Resistance Levels.
In the previous articles, we suggested that the potential downside movement remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.
Price zone 0.9900 - 0.9860 (Important Fibonacci Levels) provided strong support expressing strong bullish price action, which is manifest in the giant bullish engulfing daily candlestick.
The USD/CAD pair expressed strong bearish reaction towards 1.0020 - 1.0050, failing to consolidate above 1.0040. This indicated a strong bearish move towards 0.9995; then 0.9945 took place which actually occurred when Intraday Support around 0.9980 was broken down.
The Daily chart showed a narrow consolidation range 0.9905 -0.9955, located few pips above 0.9890 (50% Fibonacci Level) which was broken-down last week where bullish price action was expressed.
Price Level 0.9855 should be defended by the bulls today. Otherwise, the pair will probably reach 0.9805 directly.
Support: 0.9855, 0.9805, and 0.9750.
Resistance: 0.9900, 0.9950, 1.0040, and 1.0080.
The GBP/USD pair has been fluctuating heavily within the past few weeks after the broken DAILY bullish channel was retested around the price zone of 1.6160 - 1.6180, failing to maintain a directional trend.
On the mid-term aspect consolidation is again above 1.5970. Getting back inside the previous consolidation range indicates high probability that the upper limit around 1.6160 may be visited. However, price level 1.6075 expressed quite significant bearish price action rendering it a dependable resistance zone.
On the 4H chart the GBP/USD pair was trapped within narrow range between 50% and 61.8% Fibonacci levels, fixation above 1.6040 (61.8% of Fibonacci) enables the GBP/USD pair to reach its First resistance at Friday's peak at 1.6062. Break above it should extend the bullish movement further towards 1.6085 then 1.6180.
On the 4H chart, there's a possible bearish Head and Shoulders reversal pattern which becomes confirmed by breakdown below 1.6000.
Breakdown below the Intraday Support Price Zone 1.5900 - 1.5930 and breakdown of Intraday Support around 1.5850 are necessary to maintain the long-term bearish movement.
It is important to notice that there are no major economic events for UK today.
Technical resistance levels: 1.6082 1.6185, and 1.6320.
Technical support levels: 1.6040, 1.5996 1.5873, and 1.5740.
In the previous articles, we suggested that the potential downside movement remains valid as long as the pair is trading below 1.0040 and below 1.0000 area, the psychological resistance.
Price zone 0.9900 - 0.9860 (Important Fibonacci Levels) provided strong support expressing strong bullish price action, which is manifest in the giant bullish engulfing daily candlestick.
The USD/CAD pair expressed strong bearish reaction towards 1.0020 - 1.0050, failing to consolidate above 1.0040. This indicated a strong bearish move towards 0.9995; then 0.9945 took place which actually occurred when Intraday Support around 0.9980 was broken down.
The Daily chart showed a narrow consolidation range 0.9905 -0.9955, located few pips above 0.9890 (50% Fibonacci Level) which was broken-down last week. That's why retesting 0.9905 would be considered a valid SELL entry with SL as 4H closure above 0.9930.
Price Level 0.9855 should be defended by the bulls today. Otherwise, the pair will probably reach 0.9805 directly.
Support: 0.9855, 0.9805, and 0.9750.
Resistance: 0.9900, 0.9950, 1.0040, and 1.0080.
The GBP/USD pair has been fluctuating heavily within the past few weeks failing to maintain a directional long-term trend.
On the mid-term aspect consolidation is again above 1.5970. Getting back inside the previous consolidation range indicated high probability that the upper limit around 1.6160 would be visited.
The GBP/USD pair is now consolidating just higher than the previous week's high 1.6125 recording a high at 1.6144 which got hit shortly before. Further bullish domination requires fixation above 1.6125for the rest of the day.
On the 4H chart the GBP/USD pair expressed significant bullish reaction towards price zone between 50% and 61.8% Fibonacci levels, fixation above 1.6040 (61.8% of Fibonacci) enabled the GBP/USD pair to reach 1.6062, 1.6085, and probably on its way to hit 1.6180.
Breakdown below the Intraday Support Price Zone 1.5900 - 1.5930 is necessary to maintain the long-term bearish movement.
Price zone 1.6160-1.6180 is rendered a strong daily resistance. That is why it should be watched for bearish price action.
Technical resistance levels: 1.6160 1.6185, and 1.6320.
Technical support levels: 1.6080, 1.5996 1.5873, and 1.5740.
The GBP/USD pair has been fluctuating heavily within the past few weeks failing to maintain a directional long-term trend.
On the mid-term aspect consolidation is again above 1.5970. Getting back inside the previous consolidation range indicated high probability that the upper limit around 1.6160 would be visited and it took place this week.
The GBP/USD pair has been consolidating just higher than the previous week's high 1.6125 recording a high at 1.6167 where significant bearish price action was expressed. Further bullish domination required fixation above 1.6125.
On the 4H chart the GBP/USD pair expressed significant bullish reaction towards price zone between 50% and 61.8% Fibonacci levels, and expressed equivalent bearish reaction towards 1.6160 which suggests that the current bearish move will be targeting around 1.6060.
Price zone 1.6160-1.6180 is rendered as a strong daily resistance. That is why it was suggested as a valid zone for a SELL entry.
Breakdown below the Intraday Support Price Zone 1.6000 - 1.6040 (the lower limit of the current 4H bullish channel) is necessary to maintain the long-term bearish movement.
Technical resistance levels: 1.6160 1.6185, and 1.6320.
Technical support levels: 1.6080, 1.5996 1.5873, and 1.5740.