Technical analysis of GBP/USD for 05/02/2019
2019-02-05
Technical analysis of GBP/USD for 05/02/2019:
The technical support is broken, more downside is expected
Market technical overview:
The GBP/USD pair has broken below the key technical support zone located between the levels of 1.3042 - 1.3055 and has made a new local low at the level of 1.3025. This low has been also made out of the channel lower line, which means the price has broken below it as well. Currently, the price is testing the trend line from below, but it might reverse again at any time and head towards the levels of 1.3012 and 1.3000.
Weekly Pivot Points:
WR3 - 1.3333
WR2 - 1.3261
WR1 - 1.3158
Weekly Pivot Point - 1.3101
WS1 - 1.2987
WS2 - 1.2928
WS3 - 1.2810
Trading recommendations:
The outlook remains bearish, so only sell orders should be kept open. The first targets seen at the levels of 1.3055 or 1.3042 have been already hit, but if the breakout continues, the sell-off might accelerate to the levels of 1.3012 or 1.3000 before any meaningful bounce occurs.
Technical analysis of USD/CAD for 05/02/2019
2019-02-05
Technical analysis of USD/CAD for 05/02/2019:
The key Fibonacci retracement is violated and the bounces are shallow so far
Market technical overview:
The USD/CAD pair is continuing its way down. The 61% Fibonacci retracement at the level of 1.3119 has been broken and the price has made a new local low at the level of 1.3068. Then the market bounced a little to test the Fibo level once again, but the bearish pressure is getting more visible again. The market might enter a corrective mode now, mainly due to the oversold conditions at the daily and lower time frames, but it will not take long for the price the resume the downtrend again. The key technical resistance is seen at the level of 1.3158 - 1.3164.
Weekly Pivot Points:
WR3 - 1.3420
WR2 - 1.3352
WR1 - 1.3204
Weekly Pivot Point - 1.3136
WS1 - 1.2987
WS2 - 1.2920
WS3 - 1.2772
Trading recommendations:
The outlook remains bearish, so all sell orders should be still kept open with a trailing SL moved to the level of 1.3164. Daytraders should try to enter the market as close at the level of 1.3163 as possible and the sell orders should be opened from this level as well. First targets are seen at the levels of 1.3068 and 1.3055.
Technical analysis for EUR/USD for February 5, 2019
2019-02-05
EUR/USD made no progress yesterday as price moved in a narrow trading range holding above 1.14 support and below 1.15 resistance. Short-term support is being challenged at 1.1430 and this might be a sign of weakness implying a move towards 1.1360 is possible over the coming sessions.
Blue rectangles - short-term support areas
Red line -resistance trend line
Black lines -potential break down move
Short-term support is being challenged early in today's session. A 4-hour close below 1.1430-1.1420 area would push prices to the next support level at 1.14. The chances of breaking below 1.14 will be higher if we see 1.1430-1.1420 broken. This would lead to a deeper pullback at least towards the 61.8% Fibonacci retracement at 1.1375 with 1.1355 the most probable target. Support at the 78.6% Fibonacci level is crucial. Breaking below it will increase dramatically the chances of moving below 1.1280.
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