Updated Intraday technical analysis for major currencies - page 4
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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 then 1.0045 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 while being tested now for bullish price action.
4H closure back again above 1.0045 brings bullish strength into the market allowing bullish retracement to take place towards 1.0070, 1.0120 then 1.0150.
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.
Last week, the GBP/USD pair has 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.
Price level 1.5720, which corresponds to the upper limit of the symmetrical triangle, constituted an Intraday Resistance for the pair on the short-term. However, breakthrough above it opened the way towards the stronger resistance zone 1.5773-1.5840.
Today, the GBP/USD pair is testing the backside of the broken limit of the triangle and the broken resistance level of 1.5720 (considered now as a support level).
Price zone between 1.5773-1.5840 constitutes a supply zone which is expected to bring some bearish retracement towards 1.5600 before further movements can take place.
Bearish retracement is expected especially after this quick bullish movement. This bearish retracement is confirmed with 4H closure inside the triangle again (below level 1.5700).
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 then 1.0045 as expected.
Price zone between 1.0045 -1.0015 corresponding to the lower limit of the mid-term bearish channel should be carefully watched while being tested now for bullish price action
4H closure back again above 1.0045 brings bullish strength into the market allowing bullish retracement to take place towards 1.0070, 1.0120 then 1.0150.
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.
Last week, the GBP/USD pair has 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 1.5720, which corresponds to the upper limit of the symmetrical triangle, constituted an Intraday Resistance for the pair on the short-term. However, breakthrough above it opened the way towards the stronger resistance zone 1.5773-1.5840.
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.
Yesterday, the GBP/USD pair was testing the backside of the broken limit of the triangle and the broken resistance level of 1.5720.
Price zone between 1.5773-1.5840 constitutes a supply zone which is expected to bring some bearish retracement towards 1.5600 before further movements can take place.
Bearish retracement is expected especially after this quick bullish movement. This bearish retracement is confirmed with 4H closure inside the triangle again (below level 1.5667) which confirms the reversal Head & Shoulders pattern depicted on the chart.
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 were considered to be strong support levels. However, 1.0120 (50% Fibonacci) has been broken down last week 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 then 1.0045 as expected.
Price zone between 1.0045 -1.0015 corresponding to the lower limit of the mid-term bearish channel should be carefully watched while being tested today for bullish price action which was expressed Yesterday manifested in the bullish hummer candlestick of Yesterday.
4H closure back again above 1.0045 brings bullish strength into the market allowing bullish retracement to take place towards 1.0070, 1.0120 then 1.0150.
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.
Last week, the GBP/USD pair has 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 1.5720, which corresponds to the upper limit of the symmetrical triangle, constituted an intraday resistance for the pair on the short-term as expected. However, temporary breakthrough above it opened the way towards the stronger resistance zone 1.5773-1.5840 which expressed its bearish pressure quickly.
The GBP/USD pair has come back to consolidate within the depicted triangle again allowing the pair to make some bearish retracement which can be observed more clearly on the 4H chart.
The nearest Support Level is located around price level of 1.5472 which should hold price above on the mid-term.
This week after stepping above the price level of 1.5720, the GBP/USD pair was testing the broken resistance level of 1.5720 which failed to hold price above.
Price zone between 1.5773-1.5840 constituted a supply zone which was expected to bring bearish retracement towards 1.5600 before further movements can take place.
Bearish retracement was expected especially after this quick bullish movement. This bearish retracement was confirmed with 4H closure inside the triangle again (below level 1.5667) which confirmed the reversal Head & Shoulders pattern depicted on the chart. That's why price Level of 1.5670 (neck-line) provided strong resistance Yesterday.
GBP/USD pair has broken down an important support zone located between 1.5612 - 1.5575 which was expected to bring a bullish move to the market. However, breakdown of 1.5570 extended the bearish retracement towards 1.5490.
Price Level 1.5670 constitutes an important support level where price action should be watched.
The USD/CAD pair movement is almost sideways during the previous days of consolidation which is manifested in the transverse direction of the Yellow channel depicted on the chart.
In fact, there's no obvious price action today. However, bullish breakout above the upper limit of the bearish Violet channel took place earlier today which favors the bullish side of the market.
The lower limit of the Yellow channel is located around the price level of 0.9980 where the backside of the broken violet channel is also placed rendering BUYING at hitting 0.9985, a valid opportunity with SL located below 0.9960.
TP levels are to be located at 1.0030 then 1.0080.
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.
Price level 1.5720, which corresponds to the upper limit of the symmetrical triangle, constituted an intraday resistance for the pair on the short term as expected. However, temporary breakthrough above it opened the way towards the stronger resistance zone 1.5773-1.5840 which expressed its bearish pressure quickly.
Last week, the GBP/USD pair has found significant support at the lower limit of the triangle pattern around 1.5490 showing obvious bullish price action which is manifested in the bullish engulfing daily candlestick.
Price level 1.5770 is still considered as a strong resistance for the GBP/USD pair. However, traders should be careful because of the remarkable bullish price action expressed on Friday towards level 1.5490 which may extend the bullish journey towards higher levels starting with price level 1.5840.
Last week, the GBP/USD pair failed to fixate above 1.5720 after stepping above this considerable price level.
Price zone between 1.5670-1.5725 has been rejecting the GBP/USD pair obviously as depicted on the chart above, which makes it worth for price action watching while being tested again.
The upper limit of the bearish channel depicted on the chart is also located around price level of 1.5670. That's why bearish retracement is expected towards 1.5540. However, a break above 1.5670 opens the way for further bullish movements towards 1.5773 and then probably 1.5840.
Price level of 1.5540 constitutes an important support level where price action should be watched carefully.
The main tendency for the GBP/USD pair has been bullish this week. As we see, the pair has been moving within three bullish channels which are depicted on the chart.However, the pair is showing some bullish weakness which is manifested in the recent overlapping swings which is taking place within the current Yellow channel.
Yesterday, the GBP/USD pair visited the Intraday Resistance Level of 1.5665 which expressed significant bearish price action till now, pushing the pair to the downside to test the lower limit of the Violet channel around price level of 1.5645 which if broken, will allow the pair to resume its bearish movement towards 1.5600, 1.5545 then 1.5505.
The upper limit of the Yellow channel around 1.5690-1.5700 is considered a strong Intraday Resistance Level and a valid SELL entry with SL located above 1.5735.
The USD/CAD pair movement was sluggish bearish during the previous days of consolidation which is manifested within a slightly bearish direction of the Yellow & Blue channels depicted on the chart. In fact, still there was no significant price action until Friday when the USD/CAD pair has broken its Resistance level around 0.9920.
Price zone of 0.9920 which corresponds to the mid line of the Blue channel is regarded as an intraday Support level for the pair. If it is retested successfully, this will probably allow the USD/CAD pair to make a bullish movement towards 0.9995 initially.
The USD/CAD pair has a significant intraday Resistance level around 0.9940 corresponding to the upper limit of the Yellow channel which needs to be broken in order to resume the bullish movement aiming at higher targets.
Bearish breakdown of 0.9880 currently invalidates the bullish scenario.