by JustForex
On Friday EUR/USD closed the day with +0.69%. One of the main reasons for that raise was positive data on German PMI. On the H1 and H4 timeframes the price is above the moving average, the MACD is in the positive zone, and local trend line also indicates an up-trend.
On the last trading day of last week the EUR/USD currency pair showed a good upward impulse movement, which indicates the strength of buyers. The priority remains upward, but the price is in front of the resistance level, so the recommendation is to look for entry buy points after pullback to the nearest support levels.
Alternate scenario: if the price breaks down through the 1.2049 level and holds below, with a high probability the price can go down to 1.1994, thereby forming a flat with the range of 1.1994-1.2075.
On Friday, the GBP/USD currency pair was trading in a relatively wide range 1.3835-1.3894. On the 4H chart, the price tested the moving average without a breakdown, which indicates the presence of buyers and protection of the support level. However on the H1, the moving average was broken on both sides, which is a sign of sideways movement. But today in the Asian session the local downtrend line was broken, which indicates local bullish pressure.
The priority remains upward. The price broke up the 1.3894 resistance and helds above the local downtrend line. On a pullback to the broken level, it is possible to look for buy trades.
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Alternative scenario: if the price breaks down through the support level of 1.3835 and consolidates below it, with a high probability the price will go to 1.3756 for the test. Going below 1.3756 would cancel the bullish scenario.
Friday’s daily candlestick on the USD/JPY currency pair closed with a large tail down, and that indicated a sharp rejection of the price and the buyers initiative. Also don’t forget about the divergence in the MACD indicator. But on the H4 and H1, the price is still below the moving average. Also the lows and the highs are going down, and there is a downward channel.
The priority is still downward, but there are already the first signs of a reversal. But as long as there is no breakout of the nearest resistance level, it is better to continue open sell positions.
Alternative scenario: if the price breaks out and holds above 108.19, a local up-trend might be formed for at least a week.
Same as on Thursday, the USD/CAD currency pair continued to trade in a narrow range. On the H1 and H4, the price is still below the moving average, and inside the day sales impulse prevailed. The priority remains bearish, but there are small buyers pressure from the lower border of the flat, alse there is a hidden divergence on the MACD on H1.
The priority is still down, but the best way to sell is to wait for a pullback to the broken 1.2460 support level, which can now act as resistance or look to sell from the upper boundary of the range from the 1.2509 level.
Alternative scenario: if the price breaks out and holds above 1.2509, a local up-trend might be formed for at least a week.
by JustForex
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
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