Last Week, EURUSD rallied and then surged higher on Friday due to UK Election Victory for the Conservative Party. However, the higher prices then got rejected at resistance level provided by the long term down trend line and a significant figure of 1.1200.
When we look at the daily time
After having a downtrend for the 2nd half of 2018, Facebook has been in an uptrend since January 2019. What we are currently looking at on the daily chart is an inverted Head & Shoulders pattern. This together with the overall uptrend is an opportunity to buy this stock.
There’s no doubt about it – volatility in the foreign exchange markets has been falling recently. The Deutsche Bank historical volatility index of the major G7 currencies, while not quite back to the lows of 2014, is certainly getting there.
The slowdown is evident across the board in all currencies, including the commodity
USDCAD initially fell but then rallied. We have to note that this pair had a big sell off the previous week. This resulted in the break of up trend line on the 4-hour time frame and then this week's rally is towards the broken trend line.
Watch the price action
AUDUSD continued to grind higher last week and even tested 0.69 level, after a massive upwards movement the previous week.
Notice that even with the upward movement of the past two weeks, there is a massive down trend line that has yet to be overcome, even if we rally from
USDCHF had a major sell-off during Friday due to retaliatory trade war action from both China and Trump.
Since there is no hope of any improvement on these fronts in the next week, there is no reason to believe that a reversal to the upside is possible at this time.
EURUSD initially fell last week and then rallied to the upside in a massive bullish candle on Friday due to the weakness in the US Dollar due to the trade war situation. Therefore we will now consider the previous consolidation zone as support.
Pull backs towards the support zone will
This currency pair has been falling for obvious reasons.
The European central bank has a prolonged expansionary monetary policy. The German economy is struggling. Overall risk averse market sentiment still prevails, even with some occasional relief news. The result of all these means that only sell opportunities are preferable at
Last week USDCAD rallied towards resistance of 1.3450, but retraced back down without being able to make a new high. Therefore, it is expected to reach for the support zone as shown on the chart below.
It is preferable to wait until the pair reaches towards the support zone. Once there,
Last week the currency pair USDCAD initially rallied but then fell to form quite a negative candle. However, when we look into 4-hour timeframe, we can see a clear uptrend. In fact the pair is currently sitting at the support zone where we can potentially look for signs of support.