The pair inched higher at the beginning of this week and is attempting to breach the resistance 1.2960, indicating the possibility of a bullish correction. The possibility of a correction is available in light of the positive signals on momentum indicators and stability above Linear Regression Indicator 34. Therefore, we bet on a bullish correctional move as long as the pair is stable above 1.2885 for this week.
From the upside, the pair should breach 1.3020 and 1.3050 to confirm extending the upside move, and failing to breach any of the mentioned levels pushes the pair back to the downside.
GBP/USD - Weekly Report
The pair retested 1.6285 and stabilized below it keeping the downside move valid in the upcoming period, waiting to move towards the psychological barrier 1.6000. Stochastic is losing the bullish momentum and is entering overbought levels to support the awaited bearishness that remains valid unless the pair breaches 1.6285 and stabilizes above it.
USD/CHF - Technical Report
After approaching the resistances 0.9405 - 0.9415, USDCHF pair rebounded to the downside. The referred to levels are a combination between 161.8% and 61.8% corrections showing on graph, and Fibonacci level 61.8% is from the bearish wave that started from 0.9838 reaching the bottom 0.8699.
Technical indicators are showing the possibility of a bearish correction, whereas there is a negative crossover attempt on MACD, and the positive line of AROON dropped and the negative line rose. Stochastic is showing a negative bias forcing us to think there is a bearish correction. Of note, breaking 0.9290 is significant to confirm the bearish correction.
USD/CAD - Technical Report
The pair inched higher breaching 61.8% correction at 1.1025 showing on graph. Stability above the referred to level favors extending the upside move towards 78.6% and 88.6% corrections at 1.1135 and 1.1205 consecutively.
The bullish possibility remains valid by stabilizing above the psychological barrier 1.1000, but sharp volatility is expected in light of residing close to the upper line of Bollinger Band and the resistance of the upside move. The other technical indicators are positive and the upside move is available.
AUD/USD - Weekly Report
AUDUSD pair managed to touch and stabilize at the expected target 0.9000 now, while SMA 50 and 100 are forming negative pressure on the current trading forcing us to favor extending the downside move in the upcoming session targeting 0.8880 mainly. A break above 0.9095 halts the bearish expectations and pushes the pair back to the upside.
NZD/USD - Technical Report
NZDUSD is presently trading below 88.6% -minor Fibonacci support- opening the door to 0.8050 regions. However, the clear oversold sign on RSI14 continues to prevent us from joining bears; noting that, 0.8140 is very close to present prices. Anyway, we prefer to stand aside to see whether the pair will achieve a negative closing below this level or it will come above it once again. Note that, clearing 0.8100 is the key for intraday bears.
