Narrow bullish Ichimoku Cloud, but horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with horizontal lines.
USD/JPY: dollar is oversold
Technical levels: support – 110.90; resistance – 111.50.
- Buy — 110.90; SL — 110.70; TP1 — 111.50; TP2 — 111.80.
Reason: bearish Ichimoku Cloud with horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the market is oversold and supported by 111.00.
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen.
On the daily chart of USD/CAD, after the pair reached the 1.3285-1.3315 convergence (targets of "Shark" and "Wolfe waves" patterns), a logical pullback happened.
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...