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: Will a bearish wave hit soon?
2019-11-11 • Updated
GBP/CAD still hovers below the 200 SMA at H1 chart and looks like it can resume the bearish bias soon, as the pair is currently finding resistance in the supply zone established by the Fibonacci retracement levels of 50% and 65% at 1.6016 and 1.6071 respectively. If that happens, we can expect another leg lower to reach the next target around the 1.5745 level, at which is located the -23.6% Fibo zone.
To invalidate such scenario, we need to see a break above September 11th highs in order to test September 6th highs at 1.6200.
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.