The 55 Moving Average acted as a resistance, so we’ve got a “Doji” on this line. Considering a confirmation of this pattern, the market is likely going to test the nearest support.
Daily Market Analysis
The pair has been declining since a “Harami” was formed at the last high. Also, there’s a developing “Three Methods” pattern.
Trade scenarios for EUR/USD, GBP/USD and USD/CAD based on key option levels.
On the daily chart of gold, the bulls failed to update the February high, and at the present time, there is a correction to the uptrend…
On the USD/JPY daily chart, quotes went our from the downward trading channel and broke up the resistance area of 111…
The price met a support at 1.2382, so the market is consolidating on the one-hour chart. Meanwhile, bears are likely going to continue pushing the pair even lower.
The euro suffered substantial losses overnight after we received softer than expected German and Spanish inflation releases…
Bears reached a support at 1.0678, so the price is consolidating. Therefore, the market is likely going to test the next support at 1.0655 – 1.0594 in the short term.
Expanding bullish Ichimoku Cloud, rising Senkou Span A; a new golden cross of Tenkan-sen and Kijun-sen, rising Tenkan-sen; the prices are trying to breakout an upper border of the Cloud.
Narrowing bullish Ichimoku Cloud, but rising Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen; the prices are entered into the Cloud and on the support of SSB.
We’ve got wave v of (i), so there’s time for wave (ii). The main bullish target is 5/8 MM level, which could be a departure point for another bearish wave.
We’ve got a “Tweezers” and an “Engulfing”, which both have been confirmed.