All trading involves risk.
All trading involves risk.
See the key levels and data we'll be watching on USD/CAD in the week to come!
FED-fever swept through currency markets yesterday to not only push the US dollar index (DXY) up to a three-week high, but also suggest a cycle low could be in place.
EUR/USD broke out of a 4-day consolidation pattern earlier today. Whilst the direction was against bullish wishes, markets are now fully focused on the neckline of a 10-week reversal pattern.
AUD’s 2018 bearish channel continues to hold and is likely to tempt bears with a test of its upper trendline. Yet, with bullish technicals appearing on the weekly chart whilst major commodity FX hits a record level of short exposure, we’re also keeping an eye for a breakout of Aussie’s ‘channel of the year’.
Brexit shenanigans drove Sterling broadly lower on Friday. We see the potential for these declines to extend further, particularly against the Swiss franc.
EUR/USD has carved out a clear inverted head-and-shoulders pattern over the last couple of months - see what resistance levels we're watching if the pattern leads to a bigger rally in the coming weeks!
After rallying nearly 4% since the 83.76 low it’s just the May high which stands in its way to clearer skies. And whilst the daily trend structure has appeared erratic in recent times, we see a few clues which hint at a bullish breakout.
Here’s a quick follow-up on our previous analysis of GBP/CAD after a second bearish pattern has formed below key resistance.
USDJPY is consolidating near the August highs ahead of tomorrow’s BOJ meeting. And with the rolling correlation between Nikkei and USDJPY rising, we’ve taken note of Nikkei’s bullish breakout today.
See the key levels and themes to watch heading into next week's SNB meeting!
On the 6th September we analysed CHF/JPY’s potential to move higher. With yesterday’s explosive break to new highs, we doubt the move is done yet.
On the 30th August we warned of a potential bullish reversal for GBP/CAD. Having since confirmed the double bottom and moved higher, our focus reverts to its longer-term bearish trend.
GBP/USD is coiling within a symmetrical triangle pattern, poised for a breakout in the coming week.
Since our prior analysis the index has broken to new highs. Given its tidy retracement towards key support, those new highs may just be short lived.
Brexit news and fake news (?) are making sterling a volatile currency to trade for short-term traders.
CHF/JPY may not be the immediate choice for a speculative trade but, with it displaying such a directional move, we think it’s worthy of a look.
As USD/CHF rebounds from its lows, bears will be keeping a close eye on how it reacts with a resistance zone nearby.
A bullish hammer on the weekly chart, its failure to test its lower channel and an increase of bullish momentum suggests USD/CAD could be on the verge of breaking its corrective channel.