EUR/GBP Technical Strategy: Flat The Euro has struggled to make lasting headway against the British Pound but overall technical positing continues to point in favor of the upside. A seemingly clear Falling Wedge chart formation carries bullish implications, hinting the uptrend dating back to April 2017 may soon resume. Defining resistance comes in at 0.8924 (Wedge top, 23.6% Fibonacci retracement), with daily close above ...
A daily close below the 50% Fibonacci retracement at 0.6986 opens the door for a challenge of the 61.8% level at 0.6913. Alternatively, a reversal back above the 38.2% Fib at 0.7060 clears the way for a test of the 23.6% retracement at 0.7150. It seems tempting to enter a short NZD/USD position. The available trading range is too narrow relative to ATR-measured volatility however, arguing against taking the trade on risk/reward grounds. With that ...
Daily price is on bullish market condition to be located above 200-day SMA/100-day SMA area for the ranging within Fibo support level at 1.3638 and 50.0% Fibo resistance level at 1.4160: "The Canadian Dollar has been a volatile currency across the board. Now, USD/CAD implied volatility over 1-month has reached the highest levels since November 2011. This expected volatility means uncertainty is high even with Oil breaking below the January 20 lows.""Now the focus turns to ...
Nikkei 225 is on the secondary correction within the primary bullish market condition: the weekly price is crossing 100 SMA from above to below to be reversed from the primary bullish to the ranging bullish market condition to be located between 100 SMA/200 SMA area."Nikkei 225 fell past 18,000 to test 23.6% Fibonacci at 17,847. Downtrend signal has resumed in moving averages after a correction period during late December. More short positions could ...
"The US Dollar may be carving out a top after rising to the highest level since January 2011 against the Chinese Yuan in offshore trade. The appearance of a Shooting Star candlestick coupled with negative RSI divergence points to ebbing upside momentum and hints that prices may be laying the groundwork for a downswing.""A break below wedge support at 6.5369 confirmed on a daily closing basis sees the next major downside barrier at 6.4974, 38.2% ...
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