CADJPY Will Fall! Sell!
Here is our detailed technical review for CADJPY.
Time Frame: 3h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The price is testing a key resistance 107.583.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 106.848 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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Forecast
GBPUSD: Expecting Bullish Continuation! Here is Why:
It is essential that we apply multitimeframe technical analysis and there is no better example of why that is the case than the current GBPUSD chart which, if analyzed properly, clearly points in the downward direction.
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CHFJPY Will Go Down! Sell!
Here is our detailed technical review for CHFJPY.
Time Frame: 1h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a key horizontal level 172.362.
Considering the today's price action, probabilities will be high to see a movement to 171.702.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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USOIL BEARS WILL DOMINATE THE MARKET|SHORT
Hello, Friends!
USOIL pair is in the downtrend because previous week’s candle is red, while the price is clearly rising on the 12H timeframe. And after the retest of the resistance line above I believe we will see a move down towards the target below at 66.99 because the pair is overbought due to its proximity to the upper BB band and a bearish correction is likely.
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EUR/USD SENDS CLEAR BULLISH SIGNALS|LONG
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EUR/USD pair is trading in a local uptrend which know by looking at the previous 1W candle which is green. On the 4H timeframe the pair is going down. The pair is oversold because the price is close to the lower band of the BB indicator. So we are looking to buy the pair with the lower BB line acting as support. The next target is 1.053 area.
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CAD/CHF BEARS ARE GAINING STRENGTH|SHORT
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We are targeting the 0.617 level area with our short trade on CAD/CHF which is based on the fact that the pair is overbought on the BB band scale and is also approaching a resistance line above thus going us a good entry option.
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CHF/JPY SELLERS WILL DOMINATE THE MARKET|SHORT
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CHF/JPY is making a bullish rebound on the 2H TF and is nearing the resistance line above while we are generally bearish biased on the pair due to our previous 1W candle analysis, thus making a trend-following short a good option for us with the target being the 170.982 level.
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US100 Will Go Up From Support! Buy!
Take a look at our analysis for US100.
Time Frame: 1D
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The market is trading around a solid horizontal structure 21,420.2.
The above observations make me that the market will inevitably achieve 22,305.1 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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SILVER Will Go Lower! Short!
Please, check our technical outlook for SILVER.
Time Frame: 6h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is testing a major horizontal structure 31.898.
Taking into consideration the structure & trend analysis, I believe that the market will reach 31.450 level soon.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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GBPCAD Will Move Lower! Short!
Take a look at our analysis for GBPCAD.
Time Frame: 9h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is approaching a significant resistance area 1.807.
Due to the fact that we see a positive bearish reaction from the underlined area, I strongly believe that sellers will manage to push the price all the way down to 1.791 level.
P.S
We determine oversold/overbought condition with RSI indicator.
When it drops below 30 - the market is considered to be oversold.
When it bounces above 70 - the market is considered to be overbought.
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GBP/AUD SENDS CLEAR BULLISH SIGNALS|LONG
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We are targeting the 1.989 level area with our long trade on GBP/AUD which is based on the fact that the pair is oversold on the BB band scale and is also approaching a support line below thus going us a good entry option.
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SILVER BEARISH BIAS RIGHT NOW| SHORT
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The BB upper band is nearby so SILVER is in the overbought territory. Thus, despite the uptrend on the 1W timeframe I think that we will see a bearish reaction from the resistance line above and a move down towards the target at around 31.169.
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AUD/CHF BEST PLACE TO BUY FROM|LONG
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Previous week’s red candle means that for us the AUD/CHF pair is in the downtrend. And the current movement leg was also down but the support line will be hit soon and lower BB band proximity will signal an oversold condition so we will go for a counter-trend long trade with the target being at 0.570.
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NZD/CHF BULLS ARE STRONG HERE|LONG
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NZD-CHF downtrend evident from the last 1W red candle makes longs trades more risky, but the current set-up targeting 0.516 area still presents a good opportunity for us to buy the pair because the support line is nearby and the BB lower band is close which indicates the oversold state of the NZD/CHF pair.
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GBP/CAD SHORT FROM RESISTANCE
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GBP/CAD pair is in the uptrend because previous week’s candle is green, while the price is clearly rising on the 6H timeframe. And after the retest of the resistance line above I believe we will see a move down towards the target below at 1.787 because the pair overbought due to its proximity to the upper BB band and a bearish correction is likely.
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USDJPY: Weak Market & Bearish Continuation
Remember that we can not, and should not impose our will on the market but rather listen to its whims and make profit by following it. And thus shall be done today on the USDJPY pair which is likely to be pushed down by the bears so we will sell!
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DJI Is Bearish! Sell!
Please, check our technical outlook for DJI.
Time Frame: 9h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The market is on a crucial zone of supply 44,642.75.
The above-mentioned technicals clearly indicate the dominance of sellers on the market. I recommend shorting the instrument, aiming at 43,791.11 level.
P.S
Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback.
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GOLD Is Very Bullish! Long!
Here is our detailed technical review for GOLD.
Time Frame: 6h
Current Trend: Bullish
Sentiment: Oversold (based on 7-period RSI)
Forecast: Bullish
The price is testing a key support 2,655.297.
Current market trend & oversold RSI makes me think that buyers will push the price. I will anticipate a bullish movement at least to 2,683.685 level.
P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.
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