EURUSD trade forecast. Be vigilant we have the US presidential election coming soon.
As many USD pairs are heading towards or are already sitting at crucial levels, it is important that we take a minute and determine what effect we are expecting this high impact news to have on the currency. Although news tends to be the cause of volatility and not overall direction, something as significant as a four-year term may possibly have enough impact to...
GBPAUD looks to be retracing back to a level of support/resistance after taking out the double top to the left. This is either going to be a break in market structure or a stop hunt and until we have seen how the pair retraces we can not make an educated decision whether to buy or sell.
Looking at GBPAUD, we have seen a break of the high to the left whilst respecting daily market structure as indicated by the first arrow at the 0 fib. From this, it would seem appropriate for the pair to correct back to one of the Fibonacci retracement levels perhaps the 50/61.8 to gather any final orders that may reside there before continuing to the upside.
USDCAD has been pushing down creating nice bearish price action as it goes. It has now taken out the relevant low to the left (break in market structure). As expected the pair has now retraced slightly up to our fib levels to hopefully continue pushing down.
USDJPY trade forecast. We have broken and closed above the high and are now waiting for a retest to push further.