Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
GBP/CAD falling inside intermediate impulse wave (3)
2019-11-11 • Updated
- GBP/CAD falling inside intermediate impulse wave (3)
- Next sell target - 1.6220
GBP/CAD continues to fall inside the intermediate impulse wave (3) – which started earlier from the resistance area lying between the resistance level 1.6740 (former strong support level from June, acting as resistance after it was broken), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse from the start of June. GBP/CAD is expected to fall to next sell target at the next support level 1.6220 (low of the earlier waves (B) and (1)).
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?