Important: I use New York close charts so that each 24-hour period closes at 5 pm EST.
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As we discuss this pair in our Telegram group with mentioning last analysis, EURUSD is trading sideways since October 24. Last week it breaks through the trend line , but unable to make strong close above it at 1.1418. I also said 1.1475 is a great resistance there, as you can see in the chart , there is lots of failure to break this area. I’m not bearish nor bullish about this pair , rather like to be away and just watch what’s going to happen. Any kind of rejection below the trend line will give 1.1300 another touch as it supports strongly, and if it couldn’t hold sellers could win the game and get 1.1217 again.
GBPUSD has been stuck below 1.2700 for a while, but finally bulls start to take the lead. A great pin bar in a critical area shows the appetite of buyers at 1.2500 area. If It breaks 1.2921 resistance as its next target, I expect to reverse the trend at channels top at 1.3076 as the conjunction of resistances.
I have this on on my watch-list for a while, and finally take some profit out of this. It dropped even below 107.32 support due to lack of buyers. You may know the fact that when US stock market fall JPY will take the lead as safe heaven currency. Here is a good advice from me, when I take a swing like this I leave it alone for a period of time and trade something else. it may correct a little bit or continue to the down side , I don’t care for quite some time. that’s survival key to this market. I take my profit and that’s it never look back to go short again, nor catch a falling knife. there is at least 29 more pairs waiting for you, so there is no reason to stick to the one that you already take. After this long fall I will expect a side-way trading between 107.32 and 109.30, even 110.37 could touch again but not so fast.
And now it gets back to the channel again, and makes me and my investors richer. I can’t say its going to hold above 1.3354 area with that sharp down trend, we should wait and see. As far as oil price trade higher USDCAD keep falling. Maybe not that fast but it will. Now we are near 1.3354 area as support, if it breaks we can consider 1.3165 as the next stop for this pair.
Heavy buying from 0.6830 area change the direction of this pair again. As it gets back above trend-line we can consider that moving down again was a fake break-out. I think it’s going to be bullish for a while, first resistance would be 0.7170 and the next one will 0.7310. I think 2019 would be a good year for commodity base currencies.
During last two weeks , I really expect crude oil prices to finally makes a bottom. I expect the bulls break 50.30 resistance but it’s highly unlikely that it could close above 54.57 area so fast. market will decide where it may go during coming days. wish you have a great trading week , keep in touch.
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