November 23, 2018
By observing the daily technical chart we can see that yellow metal is unable to move on either side as we can see that both bulls and bears are fighting with each other as we can see a small consolidation phase is going on. The current candles are unable to provide any signal for the time being but we can say the that the breakout of rangebound territory i.e. 1240 to 1190 level will give us new buy or sell signal.
Continue reading “Gold: Bulls & Bears Are Fighting In The Consolidation Phase”
November 23, 2018
By looking at the daily chart we can see that earlier the balanced demand and supply was going on in the pair and pair was trading in purely uptrend channel followed by an aggressive uptrend channel and it was making higher highs and higher lows on daily basis. From intermediate point of view we can see that the pair has retraced almost 61.8% level and from here we are expecting a bounce towards north side. Well first it needs to clear the 114 level then only we may expect further bounce towards the 117 level.
Continue reading “CHF/JPY: Risky Traders May Initiate Their Long Position”
November 21, 2018
The USD/CAD pair rallied to its highest level since June 7 at 1.3310, near 4 month’s fresh high. USD/CAD is trading in a bull trend above the 200-day simple moving average. USD/CAD is reaching levels not seen since June 2018 as the dollar picks up the trade war saga bid while oil drops from the skies, plunging below the 61.8% fib. Retracement support level and tests the Feb 2017 highs.
USD/CAD has been resuming the 2018 uptrend in recent weeks, reversing the summer lull from 2018 1.3387 highs that took the pair down to test 1.2782 in September. However, the pickup in Fed sentiment in October, despite a more hawkish outcome of the BoC of late, kicked off a correction which has now extended into a reversal due to a rout in the price of oil.
From technical prospective we can see that pair is making rounding bottom pattern, which is generating bullish signal on the chart. The way bulls are reacting it seems like they are approaching the 1.3250 level at least and a bullish crossover on the MACD indicator is the recent development on the chart.
A bullish engulfing candlestick followed by a bullish marabuzo & bullish hammer on the daily technical chart is supporting the bulls and generating further bullish. Well odds are in favor of bulls and intraday bias remains bullish on the pair as long as 1.3100 level.
The 1.3100 level is the key support level followed by 1.3200 level where as 1.3380 level is the key resistance level followed by 1.3420.The RSI, MACD and Stochastic indicators are constructive for potential gains ahead in the coming sessions. The next targets for bulls are likely located near 1.3250 levels and 1.3300 levels.
November 20, 2018
Well overall pair was falling down and was making successively lower lows and lower highs on the daily technical chart and marked a low of 1.1214 levels which is psychological level and bulls could not sustain at that level & bears made a smart counter attack. Most of the traders were thinking that the profit booking is going on but in actual the bullish set up was under construction mode. Bulls have given the confirmation when they traded and settled above the moving average lines.
Well it’s just a starting we will get further bullish signal once pair gives us valid breakout of 1.1730 level which is previous swing’s high and the valid breakout of this swing will open the way towards the 1.1850 level and 1.2000. From technical prospective we can see that bulls have breached the downtrend line which is an acid test for bulls.
Continue reading “EUR/USD: Bulls Are Trying Their Best To Reach North Side”
November 19, 2018
By analyzing the daily technical chart we can see that pair is heading at two week’s fresh low i.e. south side. It has become too weak as it is trading below the moving average lines. Earlier it was making higher highs and higher lows and marked a high of 114.53 level but bulls could not manage theirself and slipped to 112.87 which is bear’s territory.
Continue reading “USD/JPY-Pair Is Heading South, With Double Bottom Pattern”