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USD/CAD awaiting next confirmation...These past few days we have had our eyes on USD/CAD which is at a crucial level. Approaching 1.2500 this level is likely to be achieve shortly being a 4-hour fib D extension level, but then are we going to break the supportive structure looking left or are we going to revisit the descending trendline? It is possible for a sharp movement back up if the dollar can gain strength over the remaining jobless claims and sentiment for this week. Further downside momentum could also lead the pair 100-200 pips lower so we are patiently awaiting confirmation. Overall we are anticipating a bullish correction on this pair.
by FTUKcom
2
GBPAUD Holding on at vulnerable support...As the UK goes into a 4 day weekend with the Jubilee bank holiday the pound is looking very desperate especially on the GBP/AUD. It is currently holding onto support arround the 1.7450 region and looking at previous downside breakouts at this level in the past we have seen a 200 pip sharp movement which could be very worrying for the pair. On the higher timeframes around the weekly and daily it also look extremely bearish and here on the 4 hour we can see all of the moving averages pointing down providing a resistance for the pair. Movements over the coming weeks on this pair will in very interesting to watch.
Short
by FTUKcom
1
Possible EUR/JPY downside breakout next week...We have had a week of rest bite for most currencies as the dollar eases of its bullish pressure. As we look ahead to next week, we can see multiple patterns emerging for potential euro weakness which may provide shorting opportunities on EUR/JPY for a bearish leg to the downside. Obviously we will need confirmation of the counter trend ascending line breakout and closure along with a momentum shift back to the downside. Potential targets for the downside are seen near 131.50 which also lines up with the daily 200MA. We would also need USD dominance to take over once more to drive the price down on this pair.
Short
by FTUKcom
1