Updated Intraday technical analysis for major currencies - page 8
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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) which was broken-down last week. That is why retesting of 0.9905 will be considered as a valid SELL entry with SL as 4H closure above 0.9930.
Price Level 0.9855 (61.8% Fibonacci Level) was broken down this week. However, there is lack of bearish follow up that is required after a significant breakdown as such a bullish retracement is highly expected before further continuation of the bearish movement.
Price Zone 0.9890 - 0.9910 should be watched at retesting as it will probably provide a valid SELL entry with SL as 4H closure above 0.9930.
Support: 0.9830, 0.9805, and 0.9760.
Resistance: 0.9855, 0.9900, 0.9950, 1.0040, and 1.0080.
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 is why retesting of 0.9905 will be considered as a valid SELL entry with SL as 4H closure above 0.9930.
Yesterday, the USD/CAD pair expressed quite strong bearish reaction towards 0.9880 which corresponded to the upper limit of the depicted bearish channel on the 4H chart. This renders 0.9855 a valid Intraday SELL entry on retesting with SL located just above 0.9885.
Price Zone 0.9890 - 0.9910 should be watched at retesting as it will probably provide a valid mid-term SELL entry with SL as 4H closure above 0.9930.
Support: 0.9830, 0.9805, and 0.9760.
Resistance: 0.9855, 0.9900, 0.9950, 1.0040, and 1.0080.
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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 came again above 1.5970. Getting back inside the previous consolidation range indicated high probability that the upper limit around 1.6160 would be visited, which took place last week, with further bullish pressure towards 1.6225.
Consolidation above 1.6125 allowed further bullish domination towards 1.6200, the psychological resistance which corresponds also to the long-term downtrend line depicted on the Daily chart.
On the 4H chart the GBP/USD pair expressed significant bullish reaction towards price zone between 50% and 61.8% Fibonacci levels, which pushed the GBP/USD pair to be testing 1.6200 yesterday.
The best available option after this quick bullish move is to wait and look for bearish reversal pattern around 1.6200 in order to go short on the pair.
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: 1.6225 1.6270, and 1.6310.
Technical support levels: 1.6080, 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.
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. It opened the way towards 0.9825 without further bearish pressure which indicated a possible bullish retracement to take place.
On Wednesday, the USD/CAD pair expressed quite strong bullish reaction breaking through the upper limit of the depicted bearish channel on the 4H chart with a newly established ascending bottom at 0.9830. The pair gave daily closure above 61.8% Fibonacci level.
Also the previously mentioned double-bottom pattern with neckline at 0.9875 is approaching its target at 0.9925.
Price Zone 0.9920 - 0.9955 should be watched for price action as bearish manifestations would indicate a valid SELL entry.
Resistance: 0.9900, 0.9950, 1.0040, and 1.0080.
Support: 0.9855, 0.9830, 0.9805, and 0.9760.
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 came again above 1.5970. Getting back inside the previous consolidation range indicated that the upper limit around 1.6160 would be visited, which took place last week, with further bullish pressure towards 1.6300, corresponding to 78.6% Fibonacci Level.
Consolidation above 1.6125 allowed further bullish domination towards 1.6200, the psychological resistance. It corresponds also to the long-term downtrend line depicted on the Daily chart which has been broken too this week.
On the 4H chart the GBP/USD pair expressed significant bullish reaction towards price zone between 50% and 61.8% Fibonacci levels, which pushed the GBP/USD pair to test 1.6200, then 1.6300.
The best available option after this quick bullish move is to wait and look for bearish reversal pattern (a possible 4H double bottom is taking place now) in order to go short on the pair.
On the mid-term, price zone 1.6125 - 1.6100 is rendered as a valid BUY entry on retesting as it corresponds to the lower limit of the current 4H bullish channel.
Breakdown below the Intraday Support Price Zone 1.6125 - 1.6100 (the lower limit of the current 4H bullish channel) is necessary to maintain the long-term bearish movement.
Technical resistance levels: 1.6310, 1.6350, and 1.6400.
Technical support levels: 1.6200 ,1.6170, 1.6120, and 1.6000.
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.
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. It opened the way towards 0.9825 without further bearish pressure, which indicated a possible bullish retracement to take place.
On Wednesday, the USD/CAD pair expressed quite strong bullish reaction breaking through the upper limit of the depicted bearish channel on the 4H chart with a newly established ascending bottom at 0.9830. The pair gave daily closure above both 50% & 61.8% Fibonacci levels.
Also the previously mentioned double-bottom pattern with neckline at 0.9875 has already hit its full target at 0.9925.
Price Level 0.9955 (the upper limit of the previousl consolidation range) should be watched for price action as bearish manifestations would indicate a valid SELL entry.
Price Zone 0.9890-0.9870 is rendered a confluence of support for the USD/CAD pair. Hence, a valid BUY entry can be taken there with SL just located below 0.9840.
Resistance: 0.9950, 1.0040, and 1.0080.
Support: 0.9870, 0.9830, 0.9805, and 0.9760.
The GBP/USD pair has been fluctuating heavily within the past few weeks failing to maintain a directional long-term trend.
On the midterm aspect, consolidation came again above 1.5970. Getting back inside the previous consolidation range indicated that the upper limit around 1.6160 would be visited, which took place last week, with further bullish pressure towards 1.6300, corresponding to 78.6% Fibonacci Level where the GBP/USD pair expressed significant bearish reaction manifested in the inverted hammer daily candlestick depicted on the chart.
On the 4H chart the GBP/USD pair expressed significant bullish reaction towards the price zone between 50% and 61.8% Fibonacci levels, which pushed the GBP/USD pair to test 1.6200, then 1.6300.
Bearish reversal pattern (4H double top was expressed), which indicated bearish retracement, is to take place followed by strong bearish pressure manifested in the bearish engulfing daily candlestick.
In the midterm, price zone 1.6125 - 1.6100 is rendered as a valid BUY entry on retesting as it corresponds to the lower limit of the current 4H bullish channel.
Breakdown below the Intraday Support Price Zone 1.6125 - 1.6100 (the lower limit of the current 4H bullish channel) is necessary to maintain the long-term bearish movement.
Technical resistance levels: 1.6240, 1.6300, 1.6350, and 1.6400.
Technical support levels: 1.6170, 1.6140, 1.6080 and 1.6000.
The GBP/USD pair has been fluctuating heavily within the past few weeks failing to maintain a directional long-term trend.
On the midterm aspect, consolidation came again above 1.5970. Getting back inside the previous consolidation range indicated that the upper limit around 1.6160 would be visited. It took place last week with further bullish pressure towards 1.6300, corresponding to 78.6% Fibonacci Level where the GBP/USD pair expressed significant bearish reaction manifested in the inverted hammer daily candlestick depicted on the chart.
On the 4H chart the GBP/USD pair expressed significant bullish reaction towards 50% Fibonacci level, which pushed the GBP/USD pair to test 1.6200, then 1.6300.
Bearish reversal pattern (4H double top was expressed), which indicated bearish retracement to take place, followed by strong bearish pressure manifested in the bearish engulfing daily candlestick.
In the midterm, price zone 1.6125 - 1.6100 is rendered as a valid BUY entry on retesting as it corresponds to the lower limit of the current 4H bullish channel which is being tested today.
Breakdown below the Intraday Support Price Zone 1.6125 - 1.6100 (the lower limit of the current 4H bullish channel) invalidates the bullish scenario and is necessary to maintain the long-term bearish movement.
Technical resistance levels: 1.6170 , 1.6240, 1.6300, 1.6350, and 1.6400.
Technical support levels: 1.6120, 1.6080 and 1.6000.
In the previous articles we suggested that the potential downside movement remained valid as long as the pair was trading below 1.0040 and below 1.0000 area, the psychological resistance.
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. It opened the way towards 0.9825 without further bearish pressure, which indicated a possible bullish retracement to take place.
On Wednesday, the USD/CAD pair expressed quite strong bullish reaction breaking through the upper limit of the depicted bearish channel on the 4H chart with a newly established ascending bottom at 0.9830. The pair gave daily closure above both 50% & 61.8% Fibonacci levels.
Also the previously mentioned double-bottom pattern with neckline at 0.9875 has already hit its full target at 0.9925.
Price Level 0.9955 (the upper limit of the previousl consolidation range) provided strong resistance for the pair pushing the pair down to 0.9910 (the lower limit of the range).
Price Zone 0.9890-0.9870 is rendered a confluence of support for the USD/CAD pair. Hence, a valid BUY entry can be taken there with SL just located below 0.9840 but we need to see 0.9910 broken down first.
Resistance: 0.9950, 1.0040, and 1.0080.
Support: 0.9870, 0.9830, 0.9805, and 0.9760.
In the previous articles we suggested that the potential downside movement remained valid as long as the pair was trading below 1.0040 and below 1.0000 area, the psychological resistance.
The daily chart showed a narrow consolidation range 0.9910 - 0.9970 located few pips above 0.9890 (50% Fibonacci Level), which was broken through.
It is important to note that the bullish retracement movement is still intact as long as it is consolidating above the newly established ascending bottoms around 0.9830 which needs to be broken.
Last week price level 0.9915 (lower limit of previous congestion zone) was broken through with quite strong bearish strength manifested in the long red 4H candlestick which led the USD/CAD pair towards 61.8% Fibonacci around 0.9850 without further bearish pressure, which indicated a coming temporary bullish retracement which is taking place this week.
Consolidation should be fixed below 0.9850 and then 0.9830 in order to resume the bearish movement towards lower levels. Moreover, there is a possible Head and Shoulder continuation pattern that will be targeting at 0.9785.
Resistance: 0.9955, 1.0040, and 1.0080.
Support: 0.9850, 0.9805, and 0.9780.