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USD/CAD preparing for the next leg

USD/CAD has been trading in a relatively tight range during the past two weeks. 1.28 - 1.2810 is the range support and 1.29 - 1.2910 the resistance. A case could be made for continuation in either direction but largely depends on whether U.S. dollar can sustain its momentum. The longer the range lasts, the more orders accumulate on both sides and the stronger the breakout move, or so the theory goes.
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GOLD MAY BREAK HIGHER

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Resistance and support lines, Trendlines, Price action, Candlestick Pattern, MACD, RSI, Simple Moving Average and Stochastic Fast Indicator.
XAUUSD Weekly Chart
  • The MACD on the weekly chart is in the positive zone.
  • The RSI is turning up.
  • The Stochastics is headed South.
  • The pair has closed the week above 50 periods SMA.
Keeping these facts in mind the pair may see an up move in coming weeks but it will be restricted by Horizontal resistance at 1346 level. The pair is assumed to be…
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GBP/USD supported ahead of the U.S. inflation report

U.K. and E.U. were said to be very close to Brexit implementation period deal yesterday, which prompted a 50 pip jump in GBP/USD. The pair is trading right at the January - February trendline. A successful breakout would lead to a retest of 1.40. If U.S. inflation report doesn't deliver today, it will make the job much easier.
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USD/JPY breaks to the lowest level since 2016

USD/JPY broke 2017 low overnight but it may not be over yet. The breakout is quite significant (longer-term trendline) and there's U.S. inflation report coming up which could send the pair even lower in any case. Weak numbers, USD/JPY falls. Strong numbers, bond yields rise, stocks fall further, USD/JPY falls. The next major support to keep an eye on is 61.8% retracement of the 2016 upswing, around 106.5.
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EUR/CHF

EUR/CHF presently mark: 1.15921
Forecast: buy or sell on rectangle breakout
H4 Key points:
Top Resistance: 1.18200
Support: 1.15539
Breakout zone: rectangle
After first long down leg it is expected another one next to some consolidation area (rectangle).
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03022018

Hello, My dear friends and fellow community members,
EURJPY has broken out of the symmetrical triangle to the upside. The height of the pattern comes out to be 390 pips which give us the target of 140.00 levels from the point of breakout. At present the pair is overbought. I will keep a track of this pair to enter at the cheaper levels. This is how the chart looks like.
EURJPY DAILY CHART
Happy trading to all.
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BRENT.CMD/USD WILL SOAR IN FEBRUARY

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Resistance and support lines, Trendlines, Price action, Candlestick Pattern, MACD, RSI, Simple Moving Average and Stochastic Fast Indicator, Ellipse.
BRENT.CMD/USD Weekly Chart
  • The MACD on the weekly chart is in the positive zone and rising.
  • The RSI is overbought falling.
  • The Stochastics is falling.
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EUR/USD breaks above 1.21

European currencies outperformed today. EUR/USD gained about 100 pips and is poised to post a highest weekly close in three years. 1.2165 (50.0% retracement of the 2014 - 2017 decline) is a big area. A break above would open door to 1.23 - 1.2330 (LT trendline support, 2008 low) and put 1.25 (LT trendline resistance) into focus.
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USD/CHF back above 0.98

USD/CHF broke above the pivotal 0.98 level, after spending one week below it. Position in the futures market is net short, but not at extreme levels, so there might still be some upside potential. Trendline, drawn off of October and December highs, is the area to keep an eye on.
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GBPUSD MAY GO TILL 1.4000

Technical Tools
Resistance and support lines, Trendlines, Price action, Candlestick Pattern, MACD, RSI, Simple Moving Average and Stochastic Fast Indicator, Ellipse.
GBPUSD Weekly Chart
  • The MACD on the weekly chart is in the positive zone and rising.
  • The RSI is rising.
  • The Stochastics is also rising.
  • The pair has closed the week above 50 periods SMA.
Keeping these facts in mind the pair may see an up move in coming weeks.
GBPUSD Daily Chart
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Update-5
The pair went down as expected after a bearish engulfing candle on the daily chart and has taken support at 1.3765 levels. Now seeing on the 4H chart it seems like a pullback is over. But the levels at 1.4076 are immediate resistance in the way upwards. If the pair is unable to clear this 1.4076 level next week then the pair will settle the month near 1.4000 levels. let us see what happens.

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Update-6
The pair went down again on 4H chart. On 4H chart, it is hovering around the 50 SMA. the direction does not look clear. The FOMC minutes of the meeting are due in 90 minutes from now. The pair may get direction after the event.The pair seems to be under pressure today.

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Update-7
The pair closed the week on 23rd February at 1.39656. The pair seems to be respecting the resistance at 1.3995 levels. The MACD is in negative territory on 4H chart. RSI is also headed South. Stochastics is also headed lower. This indicates that a test of the rising line is on the chart next week. If the rising trendline holds the support then We may see 1.3995 levels again.

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Update-8
The pair traded above 1.4000 levels today but then came below 1.4000 showing that there is a good resistance above this level. At the time of writing this comment, it is trading at 1.3954 levels. MPC Member Cunliffe Speaks tonight at 11:30 PM Indian Standard Time. Let us see if it help the Cable to gain some strength.

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Update-9
The pair was trading very near to sweet spot at 1.4000 earlier in the day until the data from the United States was released. CB consumer confidence data was better than expected. So the GBPUSD dived down to 1.3857 levels. Currently, the pair is trading at 1.3929 levels. The upside from here seems limited. The bounce from 1.3857 suggests that the mair may test 1.3995 levels once again. If this thing happens on 1 March 18 then it will be good for my prediction as the predicted price for March 1 at 1200 GMT is 1.4000.

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