USD/CAD: bears faced with the wedge

USD/CAD: bears faced with the wedge

On the USD/CAD daily chart, there was a false breakout of the lower border of the upward trading channel. The failure of the bears to keep quotes above the level of 1.3306 showed their weakness. If the bulls manage to test the diagonal resistance in the form of the upper border of the downward medium-term channel, there might be a continuation of the rally. 

On the USD/CAD hourly chart, the expanding wedge pattern was formed. A rollback of prices towards 23.8%, 38.2% and 50% levels of the 4-5 wave can be used for the opening of long positions. But first, the point 5 should be formed. 


BUY 1,3425 SL 1,337 TP 1,3575,

BUY 1,3385 SL 1,333 TP 1,357.


EUR/GBP: pound is chasing a bat

On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.

EUR/USD: bears hit the breaks

On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.


Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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