Archive for Forex and Currency News

EURUSD Analysis: Slowing of German producer prices bearish for EURUSD

By IFCMarkets

Slowing of German producer prices bearish for EURUSD

Growth of producer prices of industrial products in Germany slowed to 0.3% on the same month a year earlier in August from 1.1% in July. Will the EURUSD decline?

EURUSD falling below MA(200)

The price chart on 1-hour timeframe shows EURUSD: H1 is trading sideways. The price has breached below the 200-period moving average MA(200) which is level. And the RSI is below 50 level and steady. There is no trend yet formed, traders have to decide when it would be a best time to enter the market.

Market Analysis provided by IFCMarkets

Forex Technical Analysis & Forecast 20.09.2019 (EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, USDRUB, USDCAD, GOLD, BRENT, BTCUSD)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD is consolidating around 1.1040. Possibly, the pair may choose an alternative scenario and grow towards 1.1080. According to the main scenario, the price is expected to continue trading inside the downtrend with the target at 1.0985.

EURUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

After completing the ascending wave at 1.2555, GBPUSD has formed the first descending impulse along with the correction. Possibly, today the pair may form the second impulse to break 1.2521. The target is at 1.2480.

GBPUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCHF, “US Dollar vs Swiss Franc”

USDCHF has completed the correction at 0.9900; right now, it is consolidating above this level. Possibly, the pair may expand the range towards 0.9895 and then start another growth to reach 0.9955.

USDCHF
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs Japanese Yen”

USDJPY is moving downwards with the target at 107.61. After that, the instrument may form one more ascending structure towards 107.81 and then resume trading downwards to reach 107.44.

USDJPY
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is still consolidating around 0.6781. Possibly, the pair may expand the range towards 0.6775 and then start a new growth to break 0.6808. Later, the market may continue trading upwards with the target at 0.6840.

AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is moving downwards. Possibly, the pair may break 63.82 and then continue falling to reach 63.30. After that, the instrument may start a new correction with the target at 64.15.

USDRUB
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is correcting towards 1.3232 and may later grow to reach 1.3270, thus forming a new consolidation range. If the price breaks this range to the upside at 1.3270, the instrument may continue growing with the target at 1.3300; if to the downside at 1.3232 – form a new descending structure towards 1.3200 and then resume trading upwards to reach the above-mentioned target.

USDCAD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

XAUUSD, “Gold vs US Dollar”

Gold continues consolidating around 1497.66. Today, the pair may expand the range towards 1500.00 and then form a new descending structure to break 1488.44. After that, the instrument may continue trading downwards with the target at 1472.00.

GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BRENT

After finishing the ascending impulse at 65.30, Brent has completed the correction at 64.30. Possibly, today the pair may break this range to the upside. The first target is at 67.67. If the price falls to update the low at 63.44 and breaks it, the instrument may choose and alternative scenario to continue trading downwards with the target at 60.60. According to the main scenario, the instrument is expected to trade inside the uptrend towards 71.30.

BRENT
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

BTCUSD, “Bitcoin vs US Dollar”

BTCUSD has returned to 10180.00. Today, the pair may consolidate around this level. If later the price breaks this range to the downside at 10090.00, the instrument may resume trading downwards with the first target at 9500.00.

BITCOIN

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

The Best Trend Trading Indicators: Ichimoku Cloud

By Orbex

One of the more popular and sophisticated forex indicators is the Ichimoku Kinko Hyo, or Ichimoku.

Its name describes its function as it translates to “one look equilibrium chart”. It’s a complex combination of calculations that shows you the most important trading information of the forex market in one glance.

Although it looks really complicated, it’s quite logical in construction and easy to understand. It’s very popular especially among web acting forex analysts.

This is because aside from being generally useful in pretty much most FX trading scenarios, it also looks really cool! So, here’s how to get the most out of it.

The Nuts and Bolts

Ichimoku was developed in the late ’60s by a journalist, not an FX trader. At the time, forex wasn’t a widespread practice, and the indicator was mostly oriented towards stocks, which usually trend in a direction over an extended time.

It works best in forex under similar conditions, in longer-term charts.

Unlike other forex trading indicators developed after computers, it doesn’t use moving averages. It uses the median between high and low over time.

This calculation of 9 of the period highs plus 9 of the period, then divided in half (the average) forms the basis of the indicator: the conversion line.

The Similarities

From there, using high and low averages instead of a moving average, Ichimoku works similar to most of the other forex indicators. Most notably MACD, by comparing faster (shorter-term) averages to longer-term averages.

A distinctive feature of the FX indicator is the “cloud.” This is a shaded area that is often in front of the market price. This gives the look that it’s predicting the market’s direction, and is a nice visual aid.

We do this by displacing the moving high low calculation forward, unlike “traditional” moving averages that place the line at the current market price.

How to Read the Ichimoku

The basic idea is to identify the trend. When the market price is above the cloud, it’s trending upwards. When it’s below the cloud, it’s trending downwards.

Because it doesn’t use a single cross-over line, the argument is that Ichimoku gives a stronger reading of the trend. Of course, when the trend reverses, the price action has to move towards the cloud before crossing through it and showing the new trend.

Generally, when the trend is upwards, the cloud is plotted as green. When the trend is downwards, it’s red.

The Other Information

Signals generate when price action emerges from the cloud. So, a buy when it moves above, and a sell when it goes below.

We see this as an indication of a new trend being created. Note that the periods Ichimoku uses are the same as those that MACD uses. The latter also employs a crossover pattern to indicate a new trend formation.

Forex traders often use the “forward” projection of the cloud to determine support and resistance levels. This depends on the market’s direction, though. The logic here is that the cloud represents the “area of uncertainty” in which the trend is more likely to switch direction.

So, if the price action has moved through the cloud, you can be sure that the market has moved beyond its support or resistance level.

The Indicator

Ichimoku is a good, all-round forex indicator. It shows the trend, support and resistance levels as well as market momentum. It’s a great tool to get a quick understanding of the market.

But, unlike what it was designed to do, it’s always better to have at least two indicators when trying to read the forex market. But probably not the MACD because of the similarities between the two!

By Orbex

 

USD Sell-Off Reverses Gold Losses

By Orbex

Gold

Gold prices were initially down for a fourth consecutive week this week as improved risk appetite across the week dampened demand for the yellow metal. However, a weaker US dollar over the course of the week’s trading helped stem the declines and has seen XAUUSD recovering off the week’s lows.

Gold prices had a muted start to the week despite the major moves seen in oil at the week’s open. News of a drone strike at the world’s largest oil processing site in Saudi Arabia sent crude prices skyrocketing higher by over 20%. The strike wiped around 50% of the kingdoms oil supply offline. This accounted for around 5% of global supply. The news was met with accusations from the US that Iran was responsible for the attack, a claim which Iran denied aggressively. With fears mounting over potential military conflict, safe-haven flows were noted though dissipated later in the week as Trump dialed back the military rhetoric.

The FOMC on Wednesday night then saw some initial upside in USD. This weighed on gold, though USD later reversed, bringing gold up off the weekly lows. The Fed cut rates by the expected .25%, highlighting still subdued inflation and a weaker global environment. However, the decision was not unanimous with 5 members (three voting) voting to hold rates unchanged. The outcome has seen a repricing of further rate cuts later in the year, which now look more uncertain.  Trump was quick to attack the Fed on Twitter. He accused chairman Powell of having “no guts” and “no vision”.

There was a distinct absence of trade war headlines to drive gold this week. Aside from the risk positive (gold negative) news that Chinese officials were in Washington for preliminary talks ahead of the next round of face to face talks in October, there was little else mentioned. All in all, a relatively quiet week for gold traders.

Technical Perspective

gold

Gold prices continue to retreat back under the 1522.75 level which is a major long term level in gold. For now this move appears corrective and a further push to the upside is still in the outlook. This current move can extend a little lower but while we hold above the 1433.24 level, focus is on a further grind to the upside. If we break below the 1433.24 level, the 1392.28 level is the next support zone to watch.

Silver

Silver prices have broken their correlation with gold this week, trading higher over the week. A softer US dollar as well as more positive expectations around the US/China trade negotiations, is keeping silver prices supported. Given the metal’s frequent industrial usage, the prospect of a US/China trade deal and better global manufacturing and trade conditions, is bolstering the near term outlook for silver prices.

Technical Perspective

xagusd

Silver prices continue to range between the 17.3408 support and resistance at the 18.6397 level. While the support level holds, focus remains on a further rotation higher. If prices break down below the current support, the next major support level is down at the 16.2130 which also holds the retest of the broken long term bearish trend line. To the topside, the 18.6397 level remains the key marker to break.

By Orbex

 

Pound surges to two-month high; markets may be reading too much into Juncker’s words

By Han Tan, Market Analyst, ForexTime

The Pound surged past the psychologically-important 1.25 level, reaching its highest in two months versus the Dollar, on hopes that a Brexit deal can be reached before the October 31 deadline. With European Commission President Jean-Claude Juncker reportedly saying that he’s doing “everything” to deter a no-deal Brexit, the statement is lending hope to investors that such a worst-case scenario may be avoided.

Markets are at risk however of reading too much into Juncker’s comment, and it remains to be seen whether the Pound can push on from current levels. Should Juncker’s perceived optimism over a Brexit deal be found wanting and the UK-EU impasse become evident once again, the Pound may very easily unwind recent gains and falter back towards the 1.20 mark against the Dollar.

With less than six weeks remaining until the current Brexit deadline, investors will need further proof that a no-deal Brexit can be fully ruled out, before sending the Pound meaningfully higher. Next week’s decision by the UK Supreme Court over the legality of the Parliament’s prorogation could also have a major bearing on Brexit’s eventual fate, which leaves Sterling open to further bouts of volatility.

Stock markets await next catalyst, as central bank easing promises more upside

Asian stocks are mostly in the green, while US futures are pointing higher, with the S&P 500 just about 0.7 percent or 20 points away from a new record close. Equity bulls are holding on to the notion that there’s more upside, as more monetary policy stimulus continues feeding through into major economies.

Still, market sentiment is holding its cautious undertone, for fear of being blindsided by another negative geopolitical or economic surprise that kicks risk appetite in the gut. Global investors will be keeping a close watch over the high-level US-China trade talks slated for early next month, which could set the tone for market sentiment over the final quarter of the year.

Brent set to cap eventful week amid lingering concerns over geopolitical tensions

Brent futures are currently trading below the $65/bbl mark, and on course to mark a weekly gain of more than seven percent. Despite the OECD revising its global growth projections downwards, Oil prices remain elevated as geopolitical tensions continue bubbling in the Middle East. Recent events have prompted investors to shift their attention quickly from demand-side uncertainties to supply-side risks, although the former is ensuring that Oil doesn’t run too high for the time being.

 

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Gloomy BOE refuses to join global easing bandwagon

By Lukman Otunuga, Research Analyst, ForexTime

I could not help but feel a familiar sense of deja-vu from Thursday’s Bank of England (BOE) policy meeting which was a non-event.

The central bank left interest rates unchanged at 0.75% as widely expected, expressed concerns over slowing global growth, trade uncertainty and most importantly Brexit. Despite all these warnings and downgrade to the third quarter growth outlook, the BOE still refused to join the chorus of central banks easing monetary policy.

Should Brexit uncertainty continue squeezing vitality out of Britain, the BOE will be forced to turn on the monetary policy life support to prevent the economy from flatlining.

Sterling offered a muted response to the MPC meeting and rate decision this afternoon. The GBPUSD is trading around 1.2480 as of writing with support found at 1.2400. Prices have scope to push higher in the near term as fears cool over the UK crashing out of the European Union without a Brexit deal on October 31st.

OECD cuts growth outlook to post-crisis low

A darker mood awaits financial markets after the Organization of Economic Cooperation and Development (OECD) lowered its global growth forecast to 2.9% for this year and 3% in 2020.

Escalating trade tensions between the United States and China have sapped investor confidence, compounded to policy uncertainty and dampened risk sentiment across global financial markets. Given how China’s GDP is projected to expand by 6.1% in 2019 and 5.7% in 2020 compared to the 6.6% achieved in 2018, this presents a significant risk for emerging markets, especially those who have fostered close trade ties with China. Decelerating global growth may result in falling demand for crude which is bad news for emerging market energy exporters.

Today’s gloomy report from the OECD could speed up the global monetary easing train as more central banks defend their respective economies from unfavourable macroeconomic conditions.

SARB leaves interest rates unchanged

While central banks across the world are easing monetary policy in the face of trade uncertainty and decelerating global growth, the South African Reserve Bank (SARB) has decided to leave rates unchanged at 6.5% in September.

Although economic conditions in South Africa have improved from the first quarter of 2019 with growth rebounding to 3.1% in Q2, the nation still remains exposed to external risks like many other emerging markets. The explosive appreciation in Oil prices earlier this week and pending rating review by Moody’s on 1st of November may have discouraged the SARB from cutting rates today. Nevertheless, a rate cut remains on the cards in Q4. Investors just need to look at the SARB’s downgraded economic projections for 2020 and 2021 which verify the central bank’s caution.

The SARB has decided to miss the fast-moving easing train this month. However, it may catch it at a later stop with better seats.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.

 


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

BOE: Trade War Risks Have Intensified

By Orbex

Dollar Down On Fed Rate Cut

The US dollar has traded firmly lower over the European session so far on Thursday. USD came under selling pressure last night as the Fed cut rates by a further .25%. Despite policymakers being divided over the decision to ease further, and diminished prospects of a further 2019 cut, USD is trading lower in the near term with USD index trading 97.89 last.

EUR Rises on Weak USD

EURUSD has benefitted in the wake of another rate cut from the Fed with price trading back up to 1.1061 last, rallying firmly above the 1.1025 level. EUR has failed to move lower in the wake of the ECB announcing further easing. For now, focus remains tilted to the upside for the single currency.

Pound Down As BOE Cite Increased Risks

GBPUSD has been a little weaker today, despite softness in USD. UK inflation, released yesterday, printed its lowest level in three years over August, highlighting deteriorating price pressures in the UK ahead of the October 31st Brexit deadline. As expected, the BOE kept rates on hold at the September MPC meeting today though noted that trade war risks have intensified along with Brexit uncertainty continuing to cause volatility in data. GBPUSD trades 1.2459 last, still above the 1.2382 level.

Risk Assets Muted

A fresh easing announcement from the Fed has failed to boost risk assets this week. The division among Fed members over the decision to ease, as well as the division over the likely need for further easing, has taken some of the wind out of the recent move higher in risk markets. The SPX500 trades 2998.48 last, with price hovering just beneath all-time highs.

JPY Rallies on Fed Rate Cut

Safe havens have had a mixed session so far today with JPY higher against USD but gold lower. The diminished prospect of further Fed easing has capped XAUUSD upside for now with price trading 1496.06 last, sitting well beneath the key 1522.75 level. USDJPY trades sharply lower today at 108.00, as of writing. Fresh easing from the Fed has caused a jump in the yen which might cause issues for the BOJ ahead of its meeting this week.

Fresh Iran Sanctions Weigh on Oil

Oil prices have been higher today, taking advantage of a weaker USD. News of fresh US sanctions on Iran, as well as an unexpected rise in US crude stores caused a large sell-off in oil this week. The market remains dislocated following the record move higher at the start of the week though receding geopolitical tensions have seen oil prices erasing most of the week’s gains. Crude trades 59.24 last, sitting back above the 58.82 level.

CAD Capped

USDCAD has been higher today, despite the sell-off in USD as general weakness in crude prices has kept CAD weighed down. USDCAD pierced above the 1.33 level yesterday before reversing post-FOMC. August payroll estimates will be the key data for CAD traders later today.

Aussie Under Pressure

AUDUSD has moved heavily lower again today. Reduced prospects of further US easing over the rest of the year, as well as weakness in gold prices, has weighed on AUD this week. The sell-off extends the moves seen earlier in the week in response to the RBA meeting minutes which showed a heightened chance of forthcoming RBA easing.

By Orbex

 

Can Bollinger Bands Make You A Better Forex Trader?

By Orbex

Bollinger bands are a price channel comprised of three bands that contain price action.

The middle band represents the mean price of the last selected periods, usually 20. The upper and lower bands are almost always two standard deviations away from the mean.

In its simplest form, the middle band is a moving average that we use as the center of prices.

The upper an lower bands, however, represent the mean distance of the data set from the mean.

The structure described of the popular technical indicator allows forex traders to determine overbought and oversold levels, trends as well as breakouts. This is a must for understanding price action.

And it’s one of the first steps to becoming a better FX trader!

Why Master Bollinger Bands?

Since Bollinger bands represent the limits within which prices move, it’s a good tool to measure volatility in the forex markets.

In fact, it has been both mathematically and technically proven that the Bollinger bands are one of the best indicators one can use to measure volatility, containing nearly 90% of price action.

In short, 10% of the time markets offer an effective breakout (or every 9 hours on average if one trades the 1H timeframe!)

As you already figured, when prices deviate from the mean, the higher the volatility levels are in a given asset. That is to say, breakouts are often highly volatile. Note that it isn’t price action that determines volatility. It is the bid/ask prices.

At this level, you may be wondering: “what’s so special about volatility?”

Well, when trading forex, there is one critical component you need to get a very good handle on, which is the main reason Bollinger bands are so powerful. And that is the type of the market you trade or you are about to trade.

Everyone knows that any market can be flat, trending or breaking. What if I told you that volatility can help you identify whether you are looking at any of the above-market types? Here’s how…

Three Main Types of Markets

Ranging Markets

When the forex markets range, or trade sideways as widely known, there is no clear trend direction. In such a market type Bollinger Bands are flat as volatility is controlled within the upper and lower band limits at anywhere between 20 and 50 pips.

Ranging markets allow prices to easily penetrate the mean. Rarely, prices will range to the upper or lower part of the mean too. That is said to be a bullish or bearish biased market.

Trending Markets

When the forex markets are trending, there is a clear trend direction no matter it is bullish or bearish. The FX markets can move continuously to the up or downside. And this is visually evident as the Bollinger Bands slope up or down, trying to catch up with prices.

When we are riding a trend, volatility is high but controlled. The middle band in such markets acts as a support or resistance trendline. And it becomes evidently harder to penetrate, providing relatively good signals to ‘follow the trend’.

Breaking Markets

When the FX markets are breaking, prices explode either up or down.

In most cases, the candle closes outside the upper or lower band. That, of course, depends on how many periods one uses. Volatility is at its peak level. Normally, breakouts are seen after a major news event or at the opening of a market session.

One characteristic of a breaking market is the fact that Bollinger bands become really tight before the ‘breakout’ occurs. Bands converge, diverge and then expand, chasing prices. The steeper the slope on the band, the higher the volatility levels in the particular asset.

Bollinger Bands & Price Action

Since contraction, mean reversion and expansion are part of Bollinger band forex trading let us now focus on some other interesting aspects of trading with Bollinger bands.

Apart from extremities, trends, and consolidations, Bollinger bands can also tell us when prices speed up or slow down.

That depends on the time taken to travel from one band to the other, or from one band to the middle band. For example, if it takes prices one hour to travel from the upper band to the medium band, versus, say, 2 hours, then we do know that during the first scenario, the markets were obviously faster.

Additionally, we can see some clues from the opposite band too. For example, when one Bolliger band slopes north but the other one, instead of expanding south, also turns north following the same directional, this is recognized as a slowdown. When the forex markets speed up, both bands must expand!

Setting Effective Bollinger Band Parameters

If you have in mind that Bollinger bands, or any other indicator for that matter, should have universal settings during an FX trading session, stop right there.

When one sets the periods of a forex indicator, volatility should always be under consideration. Why?

During any session, banks trade different sizes and quantities depending on the transactions they place for their clients, the capital that traders have available for speculative FX trading, and how their bonus is structured.

For that reason, considering a forex trading day usually starts with a low volatile session leading to a more volatile session, the following Bollinger band settings are suggested:

  • European Open and up until London open: 20,2
  • London Open and up until London close: 25,2
  • London Close and up until New York close: 20,2
  • Asian Open and up until European open: 14,1.9

In extreme situations, following steep moves, the Bollinger bands are better off at a 50, 2.1 parameter setting. In such a case, play the game by eyeballing it, but maintain the parameter figures as suggested above.

By Orbex

 

Japanese Candlesticks Analysis 19.09.2019 (GOLD, NZDUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. XAUUSD has formed another reversal pattern, Hammer, close to the channel’s downside border. Right now, the pair is trying to reverse. If the pair rebounds, it may move towards 1525.00. At the same time, we shouldn’t exclude a possibility that the instrument may continue falling to reach 1475.00 test the ascending channel’s downside border.

GOLD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

NZDUSD, “New Zealand vs. US Dollar”

As we can see in the H4 chart, NZDUSD has formed Inverted Hammer reversal pattern; right now, it is testing the horizontal support level and starting to reverse. After that, the pair may return to 0.6361. At the same time, one shouldn’t exclude an opposite scenario, according to which the instrument may continue falling towards 0.6268.

NZDUSD

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Ichimoku Cloud Analysis 19.09.2019 (AUDUSD, NZDUSD, USDCAD)

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.6786; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6805 and then resume moving downwards to reach 0.6695. Another signal to confirm further descending movement is the price’s rebounding from the rising channel’s downside border. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6845. In this case, the pair may continue growing towards 0.6925.

AUDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

NZDUSD, “New Zealand Dollar vs US Dollar”

NZDUSD is trading at 0.6309; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6325 and then resume moving downwards to reach 0.6220. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6350. In this case, the pair may continue growing towards 0.6425.

NZDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.3283; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.3255 and then resume moving upwards to reach 1.3415. Another signal to confirm further ascending movement is the price’s rebounding from the descending channel’s upside border. However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes below 1.3230. In this case, the pair may continue falling towards 1.3145.

USDCAD

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.