Updated Intraday technical analysis for major currencies - page 3
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Since July 12, the GBP/USD pair demonstrated an uptrend movement within the depicted channel untill last week when the pair managed to break down the lower limit of the channel around 1.5690 and the significant support level around 1.5660 reaching the next support level around 1.5580 which is expected to hold the pair above for some period.
Now we have many expected technical patterns being formed on the chart, a Head & Shoulders reversal pattern and Price Triangle being broken to the downside and the backside of the broken channel which will constitute a sold resistance for GBP/USD pair.
The current prices are expected to push higher towards our expected SELL zones around 1.5660 - 1.5690. However, some bearish invasion of 1.5580 is not excluded before the next bullish move.
Price zone 1.5660 - 1.5690 is suggested as a SELL zone with TP levels located at 1.5600, 1.5555 then the final target level at 1.5440.
Breakthrough above 1.5700 invalidates the bearish scenario mentioned above.
Since July 12, GBP/USD pair demonstrated an uptrend movement within the depicted channel untill last week when the pair managed to break down the lower limit of the channel around 1.5690 and the significant support level around 1.5660 reaching the next support level around 1.5580 which was expected to hold the pair above for some period. However, the bearish movement extended down to 1.5485.
Now we have many expected technical patterns being formed on the chart, a Head & Shoulders reversal pattern and Price Triangle being broken to the downside and the backside of the broken channel which will constitute a sold resistance for GBP/USD pair.
The current prices are expected to push higher towards our expected SELL zones around 1.5660 - 1.5690.
Price zone 1.5660 - 1.5690 is suggested as a SELL zone with TP levels located at 1.5600, 1.5555 then the final target level at 1.5440.
Breakthrough above 1.5700 invalidates the bearish scenario mentioned above.
Since June 4, the USD/CAD pair movement is maintained within the mid-term slightly bearish depicted channel with its upper limit located around 1.0255.
Fibonacci level 50% is located at the price level of 1.0120 (S1) and 61.8% is located at 1.0045 (S2) which are considered as strong Support levels also corresponding to the lower limit of the bearish channel depicted on the chart.
During the last week, USD/CAD has been trapped within a narrow ranged price zone between 1.0170 -1.0230, the upper limit of which prevented further upside movement of the pair showing bearish price action which pushed the pair to the downside breaking down the lower limit of the consolidation range as well Fibonacci level 50% around 1.0120, thus, it's important to watch the current price action as it's being re-tested which is taking place now as it may constitute a solid resistance zone for the USD/CAD pair.
On the short-term, price level of 1.0060 constituted an intraday support which managed to push USD/CAD to the upside towards 1.0175 and 1.0235.
Price zone between 1.0230 -1.0250 should be carefully watched for price action in order to take a profitable trade at this key level.
Breakdown of 1.0170 will open the way for a bearish movement towards 1.0125 initially.
Since July 12, the GBP/USD pair demonstrated an uptrend movement within the depicted blue channel until the last week when the pair managed to break down the lower limit of the channel around 1.5690 and the significant support level around 1.5660 reaching the next support level around 1.5580 which was expected to keep the pair above for some period. However, the bearish movement extended down to 1.5485.
During this week, we had many expected technical patterns, for example, Head & Shoulders reversal pattern and Price Triangle are broken to the downside and the backside of the broken blue channel. However, none of them was retested till the moment and probably none of them will be.
Today, the GBP/USD pair is trapped within the price range between 1.5520 corresponding to 50% Fibonacci level and 1.5475 corresponding to 61.8% Fibonacci level.
Bullish breakout above 1.5520 will probably open the way towards 1.5620 while bearish breakout below 1.5475 will probably enable 1.5395.
Price zone 1.5660 - 1.5690 is suggested as a SELL zone with TP levels located at 1.5600, 1.5555 then the final target level at 1.5440.
A break through above 1.5700 invalidates the bearish scenario mentioned above.
Since June 4, the USD/CAD pair movement is maintained within the mid-term slightly bearish depicted channel with its upper limit located around 1.0245.
Fibonacci level 50% is located at the price level of 1.0120 and 61.8% is located at 1.0045 which are considered to be strong Support levels.
During the last week, USD/CAD has been trapped within a narrow ranged price zone between 1.0170 -1.0230, the upper limit of which prevented further upside movement of the pair showing bearish price action which pushed the pair to the downside breaking down the lower limit of the consolidation range, the same price action took place yesterday towards 1.0230 pushing the USD/CAD pair towards 1.0170 (being tested now).
Breakdown of 1.0170 will open the way for a bearish movement towards 1.0125 then 1.0085.
Price zone between 1.0230 -1.0250 should be carefully watched for price action in order to take a profitable trade at this key level.
Since June 4, the USD/CAD pair movement is maintained within the mid-term slightly bearish depicted channel with its upper limit located around 1.0245.
Fibonacci level 50% is located at the price level of 1.0120 and 61.8% is located at 1.0045 which are considered to be strong support levels. However, 1.0120 (50% Fibonacci) has been broken down today after finding bearish rejection off the upper limit of the consolidation zone around 1.0230.
For two consecutive times, USD/CAD has been trapped within a narrow ranged price zone between 1.0170 -1.0230, the upper limit of which prevented further upside movement of the pair showing bearish price action which pushed the pair to the downside breaking down the lower limit of the consolidation range, the same price action took place yesterday towards 1.0230 pushing the USD/CAD pair towards 1.0170 which was broken down opening the way towards 1.0085 as expected.
Price zone between 1.0045 -1.0015 corresponding to the 61.8% Fibonacci & the lower limit of the mid-term bearish channel should be carefully watched for bullish price action in order to catch a profitable BUY trade.
Bearish breakdown of 0.9950 invalidates the bullish scenario in short-term.
Since July 12, the GBP/USD pair demonstrated an uptrend movement within the depicted blue channel until the last week when the pair managed to break down the lower limit of the channel around 1.5690 and the significant support level around 1.5660 reaching the next support level around 1.5580 which was expected to keep the pair above for some period. However, the bearish movement extended down to 1.5485.
During this week, we had many expected technical patterns, for example, Head & Shoulders reversal pattern and Price Triangle which are broken to the downside and the backside of the broken blue channel. However, none of them was retested until today.
Yesterday, the GBP/USD pair was trapped within the price range between 1.5520 corresponding to 50% Fibonacci level and 1.5475 corresponding to 61.8% Fibonacci level. However, Price level of 1.5485 constituted a strong support for the pair.
As expected yesterday, Bullish breakout above 1.5520 opened the way towards 1.5650.
Price zone 1.5660 - 1.5690 is suggested as a SELL zone with TP levels located at 1.5600, 1.5555 then the final target level at 1.5440.
A breakthrough above 1.5700 invalidates the bearish scenario mentioned above.
Since June 4, the USD/CAD pair movement is maintained within the mid-term slightly bearish depicted channel with its upper limit located around 1.0245.
Fibonacci level 50% is located at the price level of 1.0120 and 61.8% is located at 1.0045 which are considered to be strong support levels. However, 1.0120 (50% Fibonacci) has been broken down today after finding bearish rejection off the upper limit of the consolidation zone around 1.0230.
For two consecutive times, USD/CAD has been trapped within a narrow ranged price zone between 1.0170 -1.0230, the upper limit of which prevented further upside movement of the pair showing bearish price action which pushed the pair to the downside breaking down the lower limit of the consolidation range, the same price action took place on Wednesday towards 1.0230 pushing the USD/CAD pair towards 1.0170 which was broken down opening the way towards 1.0085 as expected.
Price zone between 1.0045 -1.0015 corresponding to the 61.8% Fibonacci & the lower limit of the mid-term bearish channel should be carefully watched for bullish price action in order to catch a profitable buy trade.
Bearish breakdown of 0.9950 invalidates the bullish scenario in short-term.
On May 15, the GBP/USD pair managed to break down the lower limit of the bullish BLUE channel depicted on the chart. Since then, the pair has been moving within the triangle pattern after having a quick bearish swing between 1.6300 and 1.5260.
Yesterday, the GBP/USD pair found significant support at the lower limit of the triangle pattern around 1.5460 which pushed the pair to the upside for about 260 pips in one day.
Price level 1.5460 not only corresponds to the lower limit of the triangle but also to the backside of the broken downtrend line depicted on the chart as well.
The GBP/USD pair has a strong long-term Resistance zone between 1.5773-1.5840 where daily price action should be watched for valid long-term positions to be taken.
The current price level of 1.5730 corresponding to the upper limit of the symmetrical triangle should constitute an intraday Resistance for the pair even on the short-term. However, breakthrough above it opens the way towards the stronger resistance zone 1.5773-1.5840.
For risky traders, an intraday SELL position can be taken at 1.5730 with SL as 4H closure above 1.5780 with TP at 1.5700, 1.5666 then 1.5630.
The Linear Regression Channels Hourly Chart reveals that the EUR/USD pair has been bullish since the last week and currently is moving within the almost identical bullish channels depicted on the chart.
Today during earlier hours, the EUR/USD pair managed to break down the lower limit of the Yellow, Blue & Violet channels around 1.2325 allowing the pair to make bearish swing towards 1.2222 quickly.
Around 1.2240, there's an Intraday Support Level corresponding to previous bottom that was formed on Friday. On the other side, there is a possible Head & Shoulders reversal pattern being formed with its neck line located at almost the same price level.
Price level around 1.2325 will be a good SELL entry as it corresponds to the backside of the broken channels and the location of the expected right shoulder of the H&S pattern.
A break through 1.2395 invalidates the bearish scenario for the current time.