Significant resistance line at the 1.76000 level which has been persistent for majority of Q2.
Risk Off sentiment today alongside Euro strength has cause the rally in the Euro after breaking below the support line recently.
The recent reopening and removal of from NZD quickly removed from the picture with Risk Off sentiment across the globe.
Technicals...
In addition to my previous post which was forecasting a test of 1.15000 and last years August 2019 resistance has demonstrated Euro residence on a risk off day with all major indices down (Airlines and Retail the dominant forces in the sell off).
On a basis of euro stimulus and 2nd wave outbreak in the US this could be seen to be a golden opportunity to test the...
Wow! risk on again! fantastic to see such optimism on the opening of the economies across the globe.
0.618 Extension hit if there was a point for a reversal it is now but hard to go against the risk on tone movement into 137.000 would see a potential target of 140.000 although hard to contend to with BREXIT talks resuming
For the Bears I would suggest a test...
I always like too think the charts don't lie and with the ECB meetings tomorrow all signs point upwards.
Although, despite short term success in this diverging channel for NZD that is largely due to the risk on tone across the markets.
The top tier 1.82000 resistance is a potential TP with both 100 & 200 day MA looking to diverge for potential change of...
The seventh straight day finishing in the green for the first time since 2013. If we maintain this run through tomorrow the next stop could be that 1.15000 providing no further negative risk off news.
just a note on yesterdays trade idea placement and risk needs to be strategic and in place by EU session too protect your account. The ECB meeting could contribute...
A collaborative EU is a happy a Euro (Nobody likes a strong Dollar).
The attitude has been Risk On for most pairs against the dollar but the Euro has been the big winner.
The near term test is 1.12000 which it has briefly tested the European & Asian Session could see movement to Upper 1.12 level. However, Thursday and Friday big US news to keep an eye that could...
Don't be fouled by optimistic start to June 2020 be careful of any extension of current rally to the upside with obstacles approaching at 137.000
1. 200 Day - Daily MA (Blue) approaching at present testing the 100 day - Daily MA (Orange).
2. Fib Level at 0.618 will not stop Rally but potential reversal on fundamental pressure from investor attitude and BREXIT...
Inverted wedge on 15 minute now into US session breakout pending
No upside after the record breaking OPEC cut and release of the Saudi prices for may.
Goldman and Emirates say cut not significant.
Support at 22.80
Short-term resistance at 23.20
Short trade recommended with a take profit of 130.000
Fibonacci Retracement at 0.382 struggling to break through the past 10+ days to the 0.5 retracement level.
The real test of this trade once reached is the 132.500 level which has proven extremely difficult to break over the past 10 days.
The upside today was based on a wave of fundamental news (Postive) and...
0.382 Fibonacci Retracement & March 11th to break through
Plenty of positivity in the day (Oil, New York Virus Regression, Mortgage performance, Slowing death rate in europe i.e. Spain and Italy)
At a point of 2019 lows which could prove difficult to breakthrough previous support back in 2016.
This consensus definitely forms a basis for a short trade or if your...
Major test of 2019 Support at 1.30800. I will be monitoring the price action and wait until there is movement to the upside due to the strength of the downside over the past 72 hours. With the current strength of Oil prices this has left the Canadian Dollar in there position in 2019 due to the high performance of Oil to end June and the 2nd quarter.
Triple Top Resistance (Black Line)
Fibonacci Retracement 0.236 Support (White Line)
Broke the fibonacci retracement level 0.236 (Weak GBP)
Support at 1.26500 potential entry point for support back
into descending channel.
FED fighting back and not buckling under political pressure to
reduce rates.
At Descending channel support (Buy Opportunity)
Market is in Bear market.
Major Supports Double Bottom August 2018 and Bottom October 2018
Approaching Support from August and October 2018 (Major Support Test)
Only thing moving this from bear market is major fundamental news on Brexit or Oil.
Fibonacci Retracement 0.618 Resistance
Previous Resistance at 1.35000 shows strong support when
the USD attempted to pull back.
Wall Street blossoms due to comments from FED Powell vowing to not be pressured by political powers
to reduce Interest rates i.e. Donald Trump
Happy to wait to see if it tests the support zone or resistance before making any more moves.
Overbought Canadian Dollar due to high Oil prices
Descending Wedge
High Oil Prices (Strong Canadian Dollar)
Brett Uncertainty (Boris Johnson to get brexit over the line).
Possible Retest of the Support from Jan 10th 2019 (White line).
Fibonacci Retracement 0.618 Resistance
Price action showing Shooting star and Doji Candle to start the week indicating no direction.
European session could be a major factor in deciding whether this resistance is broken in tomorrow mornings session.
Triple Top Resistance (Black Line)
Fibonacci Retracement 0.236 Support (White line)
Positive earnings could reduce fear of economic slowdown which will be positive for the GBP sterlings performance against the dollar.
