Two days ago, we sent out a new short trade on EUR/USD at 1.2180 in addition to a pending order to short again at 1.2205.
Daily Market Analysis
The Bank of Canada decided to keep the current policy unchanged as widely expected. However, the bank did not mention anything about tapering again in July.
EUR/USD managed to recover some of its last week’s decline, rising for the 2nd day in a row (Friday & Monday). However, such upside momentum is unlikely to continue.
Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.
The US dollar may find itself under additional pressure in the near term. What is the best way to trade on a weaker USD? Have a look at USD/JPY.
In this article, you'll find answers to major questions about the USD. Why is it rising? When will its dominance end?
Time to case-test a triangle chart formation with NZD/USD
AUD/USD formed an inverted "Head and Shoulders’ and is targeting 0.7815, 0.7840, and 0.7860.
This currency pair is now between the two MAs at the key resistance level - will it break it?
USD/JPY rose to the resistance of the 50-week MA at 106.00. The pair is not at the resistance line since the end of December.
The level of 23.6% Fibonacci retracement at 1.3795 is in the focus on the H4. The next level to watch on the downside is 1.3755.
USD/CAD reversed down from 1.2865 last week and formed a candlestick with a long upper wick on the W1.