Forecasting

Not only did USD/CAD reach 1.3500 but it even broke out below that level and continued moving to the downside. So far the depreciation has not ended and next target will likely be around 1.3400 - 1.3360.

No matter which type of securities you are trying to trade or exchange you must conduct proper analysis and ensure appropriate forecasting for your trading instrument so that you can think of safe trading voyage. Without any argument, when traders try to make technical or fundamental analysis he or she can at least get an idea of how to take decisions by forecasting about the value of securities he is trying to trade.

NZD/CAD remains very bearish. The pair has almost reached the support at 0.8900 and we will likely see a breakout below that level. If we do next target will probably be around 0.8810 - 0.8800.

NZD/USD found some support at 0.6575 and formed a spectacular hammer candlestick at that level on the daily time-frame before bouncing off from it. The move to the upside will likely continue and next target will be around 0.6800.

AUD/USD rebounded from 0.6755 after forming a spectacular hammer candlestick at that level on the daily time frame, then began moving to the upside again. I think we will see it rally towards 0.7200.

GBP/USD remains bullish for now. The pair has broken out above the resistance at 1.2840 and it will likely continue rising towards the next obvious target around 1.2900.

EUR/AUD is testing the support at 1.5880. Considering the spectacular shooting star candlestick at 1.6770 on the weekly time-frame the pair will likely continue falling towards 1.5400 in the long term.

The British parliament will be voting on the Brexit deal today and there likely won't be any major movements before that that for the GBP-related pairs. After the vote, however, we can probably expect major volatility, the direction of which depend on the results of the vote.

GBP/USD dropped sharply after the vote but quickly bounced back to its old levels. It has formed a pair of rather spectacular spinning tops at 1.2870 on the daily time-frame, which are an indication that we may see another move to the downside.

AUD/USD found some resistance at 0.7235 and bounced off from that level after forming a shooting star candlestick on the daily time-frame. Currently the pair is depreciating and it will probably reach 0.7100.