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 rising inside minor impulse wave 3
2019-11-11 • Updated
- GBP/CAD rising inside minor impulse wave 3
- Next buy target - 1.7770
GBP/CAD continues to rise inside the minor impulse wave 3, which recently broke the resistance zone lying at the intersection of the resistance trendline of the daily down channel from March (which encloses the previous medium-term ABC correction (B)) and 50-day moving average. GBP/CAD is expected to rise further toward the next buy target at the next resistance level 1.7770 (target price for the completion of the impulse wave 3).
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 past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.