Expanding bearish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen; the prices are under the Cloud and negative area, but there is a strong support.
Daily Market Analysis
CAD/JPY reversed from resistance zone Next sell target - 82…
GBP/CAD reversed from support zone Next buy target - 1…
The last bearish “Doji” pushed the market lower. Also, the 55 Moving Average acted as a resistance.
The last bullish “Harami” hasn’t been confirmed. Also, we’ve got a bearish “Three Methods”.
We’ve got a triangle in wave (Y) of [B], so bears formed a wedge in wave 1. Also, there’s wave 2, which was ended last month.
On the daily chart, NZD/USD made several attempts to bring the quotes outside of the descending channel but failed…
On the daily chart, EUR/JPY is trading within descending channel…
There’s a “Double Bottom”, which has been confirmed. Therefore, the pair is likely going to reach the nearest resistance at 1.2595 – 1.2614.
All Moving Averages have been broken, so bears achieved a support at 1.0639, which pushed the price to a resistance at 1.0678.
Trade scenarios for EUR/USD, AUD/USD and USD/CAD based on key option levels.
Loonie was an underperformer in the course of the past week mainly because of the falling oil prices…