Last week, as expected, EURUSD rallied as expected due to the weakness of USD. However, on Wednesday, the rally was halted and higher prices were rejected with a massive shooting star on Wednesday's close of the daily candle.
However, the move to the downside could not reach the previous low, and
AUDUSD fell hard last week partly due to USD strength and largely on Wednesday due to weak CPI data from Australia. However, AUDUSD formed a hammer on Thursday on daily chart and on Friday bounced upwards, confirming the support present at 0.70 level.
The bounce up on Friday is due to
Last week EURUSD broke below a major support level of 1.1200. This level has been important for quite some time and the pair has bounced from the area many times this year.
By breaking below 1.1200, the risk is to the downside. However we also must consider that US Dollar Index
DXY broke to the upside and rose significantly last week. But its rally looks likely to have come to an end for now. Therefore, we can expect a correction towards the support area as shown on the following chart.
Support is shown around 97.50. We have to keep in mind that
For most part of this month CHF has been the worst performing currency among majors. However, at this point we may be looking at signs of a reversal. The uptrend line on H4 time frame of GBPCHF has been broken to the downside.
The preference is to sell the pair.
Spot Gold (XAUUSD) had been falling for quite some time, and now gets support around 1275 zone.
We can now observer that Gold has formed an inverse Head & Shoulder on H4 and H1 timeframes. Therefore if the neckline is broken to the upside, we can expect the market to
We are looking at CADJPY, and we can see that the pair has bounced from the previous support zone.
The pair has bounced from that area in the near past as you can see on the chart. This is a good opportunity to buy, the target being the resistance zone around
We are looking at an ascending channel. We can see that the market has formed bearish patterns after hitting the resistance, the upper line of the channel.
Therefore, we can now expect the market to go looking for the immediate support as shown on the chart.
Disclaimer: Our analysis and forecasts given
EURCHF has seen a parabolic move upwards for the most part of last week. However, it is now facing resistance on the daily timeframe.
We can see that the pair has formed a hanging man pattern. It will be a big hurdle to break above the daily resistance. A break below
After a big downward move earlier, USDCHF has been consolidating in an upward channel. This is usually termed as a bear flag.
The price is currently staying around the upper bound of the consolidation channel. This is often a good area to sell for a short term trade, the lower