Updated Intraday technical analysis for major currencies - page 2
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The USD/CAD pair is demonstrating a continuation of the Flag Pattern after the long bullish swing initiated around the price level of 0.9797 on the 1st of May, which is expected to reach the target of 1.0360 then 1.0450 as initial targets for the pattern, when it is confirmed by breakthrough above 1.0310 (61.8% Fibonacci 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 1.0300.
Fibonacci level 50% and 61.8% are located at Price levels of 1.0270 and 1.0310 respectively which are regarded as strong Resistance levels for USD/CAD that need to be broken in order to confirm the Flag Pattern mentioned above.
Since yesterday, USD/CAD has been trapped within a narrow-ranged price zone between 1.0160-1.0230, the upper limit of which prevented further upside movement of the pair showing bearish price action yesterday.
On the short-term Price level of 1.0160 constitutes a strong Intraday Support which is expected to push USD/CAD to the upside towards 1.0200 then 1.0270 with SL below 1.0090.
Price zone between 1.0270-1.0290 should be carefully watched for price action in order to take a profitable trade at this key level.
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On the mid-term scale, the GBP/USD currency pair is moving sideways in a slightly bearish channel since it managed to breakdown the mid-term uptrend line on July 5.
Price levels of 1.5460 and 1.5520 which correspond to 61.8% and 50% of Fibonacci levels based on the previous bullish swing 1.5266 up to 1.5774.
On the intraday scale the price zone of 1.5400 corresponds to the lower limit of the long-term channel which constituted a very strong support zone which was able to push the GBP/USD pair to the upside to 1.5520 and 1.5570 untill now.
The pair is probably forming a mid-term bearish Head & Shoulders reversal pattern with its right shoulder located around R1 (1.5645) which is rendered a valid sell entry with SL located above 1.5728.
The Following Price Levels: 1.5400,1.5460 & 1.5520 are considered as Intraday Support levels while 1.5640, 1.5720 & 1.5770 are considered Intraday Resistance Levels for the GBP/USD pair.
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The USD/CAD pair is demonstrating a continuation of the Flag Pattern after the long bullish swing initiated around the price level of 0.9797 on the 1st of May, which is expected to reach the target of 1.0360 then 1.0450 as initial targets for the pattern, when it is confirmed by breakthrough above Price Level of 1.0310.
Since June 4, the USD/CAD pair movement is maintained within the midterm slightly bearish depicted channel with its upper limit located around 1.0300.
Fibonacci level 50% and 61.8% are located at Price levels of 1.0120 and 1.0045 respectively which are regarded as strong Support levels for USD/CAD which are expected to constitute a proper BUY entry with SL located below 1.0030.
During 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 reaching Fibonacci level 50% around 1.0120 which was tested Yesterday.
On the short-term price level of 1.0120 constitutes an Intraday support which is expected to push USD/CAD to the upside towards 1.0175 then 1.02350 with SL below 1.0080.
Price zone between 1.0270 -1.0290 should be carefully watched for price action in order to take a profitable trade at this key level.
On Thursday after hitting the price level of 1.5393, the GBP/USD currency pair initiated an obvious uptrend with established top at 1.5575.
The GBP/USD pair managed to bypass its established top at 1.5575 reaching price levels around 1.5675. Since then, the pair failed to make a new high above 1.5675 but managed to break through the lower limit of its bullish Yellow channel around 1.5620.
It's important to note that there is a possible Double Top reversal pattern that is formed with neck-line located at significant support level 1.5575 which needs to be broken in order to confirm the pattern to be targeting at 1.5470 (the full target of the pattern).
Today, GBP/USD has two important intraday levels to be watched, 1.5635 as a resistance level corresponds to the backside of the broken limit of the Yellow channel and 1.5570 as a support level.
Breakdown of 1.5570 with obvious bearish price action confirms the bearish scenario towards 1.5510 then 1.5470.
After having brief consolidation during this week around price levels 1.5667-1.5575, the GBP/USD pair managed to breakthrough the upper limit of the bearish channel depicted on the chart thus confirming the Flag Continuation pattern initiated around price level 1.5266 since 1st of June.
As we see on the 4H chart, the GBP/USD managed to do so after finding bullish rejection towards 50% Fibonacci level which gathered bullish strength which enabled the pair to breakthrough the upper limit of the depicted channel.
Now the backside of the uppert limit of the broken channel is expected to act as a strong support for the GBP/USD around price level 1.5625 which constitutes a valid BUY entry for the pair.
Target Levels for this Flag continuation pattern are located around 1.5700, 1.5760 then 1.5840 while SL is to be 4H closure below 1.5580.
The USD/CAD pair is demonstrating a continuation of the Flag Pattern after the long bullish swing initiated around the price level of 0.9797 on the 1st of May, which is expected to reach the target of 1.0360 then 1.0450 as initial targets for the pattern when it is confirmed by breakthrough above price level of 1.0250.
Since June 4, the USD/CAD pair movement is maintained within the midterm slightly bearish depicted channel with its upper limit located around 1.0270.
Fibonacci level 50% is located at price levels of 1.0120 (R1) which was broken down yesterday and 61.8% is located at 1.0045 (S1) which is considered as a strong Support Level 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 which was broken yesterday.
On the short-term, price level of 1.0045 constitutes an intraday support which is expected to push USD/CAD to the upside towards 1.0175 then 1.0235 with SL below 0.9990.
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.
The USD/CAD pair is demonstrating a continuation of the Flag Pattern after the long bullish swing initiated around the price level of 0.9797 on the 1st of May, which is expected to reach the target of 1.0360 then 1.0450 as initial targets for the pattern when it is confirmed by breakthrough above price level of 1.0250.
Since June 4, the USD/CAD pair movement is maintained within the midterm slightly bearish depicted channel with its upper limit located around 1.0270.
Fibonacci level 50% is located at price levels of 1.0120 (R1) which was broken down yesterday and 61.8% is located at 1.0045 (S1) which is considered as a strong Support Level 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 which was broken yesterday.
On the short-term, price level of 1.0045 constitutes an intraday support which is expected to push USD/CAD to the upside towards 1.0175 then 1.0235 with SL below 0.9990.
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.
The USD/CAD pair is demonstrating a continuation of the Flag Pattern after the long bullish swing initiated around the price level of 0.9797 on the 1st of May, which is expected to reach the target of 1.0360 then 1.0450 as initial targets for the pattern when it is confirmed by breakthrough above price level of 1.0250.
Since June 4, the USD/CAD pair movement is maintained within the mid-term slightly bearish depicted channel with its upper limit located around 1.0270.
Fibonacci level 50% is located at price levels of 1.0120 (R1) which was broken down on Wednesday and 61.8% is located at 1.0045 (S1) which is considered as a strong Support Level 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 this price zone when re-visited as it may constitute a solid resistance zone for the USD/CAD pair.
On the short-term, price level of 1.0045 constitutes an intraday support which is expected to push USD/CAD to the upside towards 1.0175 then 1.0235 with SL below 0.9990.
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.
The USD/CAD pair is demonstrating a continuation of the Flag Pattern after the long bullish swing initiated around the price level of 0.9797 on the 1st of May which is expected to reach the target of 1.0360 then 1.0450 as initial targets for the pattern when it is confirmed by breakthrough above the price level of 1.0245.
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 price levels of 1.0120 (S1) and 61.8% is located at 1.0045 (S1) which are considered as strong Support levels also corresponding to the lower limit of the bearish channel depicted on the chart.
During 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 this price zone when re-visited 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 & 1.0235 may be visited.
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.