The AUDUSD has rallied from its recent low as visible in this H4 chart. The pair ran into heavy resistance as it formed a triple top formation. The first part of the triple top formation allowed this pair to break down to its 100 DMA before starting a rally that formed the second top which saw its correction stopped by the rising support line that allowed this pair to form its triple top. The next correction may cause a breakdown back to the 100 DMA. MACD shows that momentum has faded through each top and it continues to fade. RSI...
The EURGBP has rallied sharply from its recent low as visible in this D1 chart. This currency pair has now approached its horizontal resistance zone and we expect a reversal which should take it back down to its ascending support line. A breakdown should open the way lower and back down to its 200 DMA. MACD indicates that momentum is trapped inside a narrow triangle and the histogram trades above its moving average. We expect this to reverse and witness a bearish centerline crossover. RSI is trading in overbought territory and a...
The EURNZD has rallied sharply over the past two trading weeks as visible in this D1 chart. This currency pair is now trading at its horizontal resistance zone and the last four daily candlesticks formed hammers as well as inverted hammers which all point to a reversal. We expect this currency pair to correct back down to its horizontal support zone. MACD indicates a gap between its histogram and moving average and we expect the gap to be closed over the next few trading sessions as momentum will fade and we could see a bearish...
The CADCHF has declined from its last minor rally in its general downtrend as visible in this H4 chart. The pair currently trades at the same support level which allowed it to launch its previous rally. This rally may not be as strong as the previous one due to its declining resistance level. MACD remained bearish and continues to show weakness which points at potential future declines after a minor rally. RSI has reached oversold territory and validates a minor bounce in order to keep the general downtrend intact. We recommend...
