Forex analysis review |
- Expecting bearish reversal in USDCAD
- What do BTCUSD bulls need for a new up trend to start?
- Gold bulls give hope for $1,490
- EURUSD bullish setup
| Expecting bearish reversal in USDCAD Posted: 29 Nov 2019 11:36 PM PST USDCAD has stopped its rise from 1.30 at the resistance of 1.33. In the Daily chart we observe many candlesticks with long upper tails, implying strong resistance and that sellers are stronger here than bulls. This is expected to lead to a reversal in USDCAD back towards 1.32 at least.
Black line- short-term resistance Blue line- major support trend line Red line -major resistance USDCAD is expected to turn lower from current levels. At 1.33 I'm bearish looking for a push lower towards 1.32 at least. The risk reward favors bears at the current price as price is very close to major resistance that has been confirmed many times. The black trend line resistance has not been broken. I expect to see it stay like this for the coming week. This coming week I expect USDCAD to weaken. The material has been provided by InstaForex Company - www.instaforex.com |
| What do BTCUSD bulls need for a new up trend to start? Posted: 29 Nov 2019 11:31 PM PST BTCUSD is bouncing inside a downward sloping wedge pattern. For another bullish trend to start we first need to see some signs of strength. BTCUSD must first exit the downward sloping wedge pattern and start making higher highs and higher lows.
Red lines - bullish wedge Resistance by the wedge pattern is found at $8,800-$9,000 price level. The RSI on the Daily chart is turning upwards from oversold levels. Price has reached the 61.8% Fibonacci retracement of the entire bull wave of Bitcoin. The 61.8% Fibonacci retracement level is a very common area of trend reversals. So what bulls need now is to show more signs of strength. First break above the wedge pattern and then break above the latest important high. The $9,900 area is important resistance and a break above it will confirm trend change. The material has been provided by InstaForex Company - www.instaforex.com |
| Gold bulls give hope for $1,490 Posted: 29 Nov 2019 11:26 PM PST Gold price did not break below $1,455-50 support and is bouncing again higher towards $1.470. There are signs that point to further upside in Gold as price could reach the upper bearish channel boundary around $1,490.
Orange rectangle -short-term target Red line -RSI resistance (broken) Gold price is bouncing. The RSI has broken its resistance trend line. This is a bullish sign. Gold price could continue higher this week and eventually reach $1,490 and the 61.8% Fibonacci retracement level of the decline from $1,515. Since support at $1,450-55 was respected, we have to adjust our strategy as well. As long as price is above $1,450 we are short-term bullish looking for a move towards $1,490 and why not higher. Major resistance remains at $1,490-$1,500. The material has been provided by InstaForex Company - www.instaforex.com |
| Posted: 29 Nov 2019 11:22 PM PST The three consecutive price lows in EURUSD combined with non confirmation from the RSI is a bullish setup. This bullish divergence pattern most of the times points to a reversal. That is why I turn short-term bullish at least for EURUSD looking for a bounce towards 1.11 at least.
Orange rectangle - support area EURUSD has not broken below the orange support area. Support is critical in this Fibonacci retracement level and as we previously mentioned, at the 61.8% Fibonacci retracement the chances of a trend reversal are high. The bullish divergence in the 4 hour chart supports the bullish scenario for a bounce towards 1.11. We are bullish EURUSD as long as price is above this week's lows. A weekly close above 1.1060 will increase the chances of pushing above 1.11 even towards 1.12-1.13 over the coming weeks. For this to hold support must hold at 1.10-1.0990. The material has been provided by InstaForex Company - www.instaforex.com |
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