ChristieCapital

ChristieCapital

Thursday’s trading saw all major U.S. indices confirm an island top reversal pattern after the formation of an exhaustion gap on the 5th of June and a downside breakaway gap that confirmed in today’s trading. The S&P 500 also confirmed a bearish Belt-Hold Line candlestick. The S&P 500 has now turned bearish from a technical analysis perspective. A close above the...

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Looking at the most active pairs, the USD/CAD jumped an impressive 208 pips to 1.362. We have to look at a daily chart in order to see its impressive rebound in Thursday's trading. Traders playing the rebound may want to consider a stop-loss at the high of the bullish hammer reversal candlestick that formed on Wednesday. Key resistance can be seen at 1.385.

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Look for the 50-period moving average to act as resistance on the decline.

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All aboard....

ChristieCapital

Air Canada just broke above the Covid-19 crash high in May.

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The dollar index gained 0.33pt to 97.003 on Friday after remaining under pressure for most of the week. The GBP/USD jumped 73 pips to 1.267 to post the largest intraday move. The pair remains inside an intraday bullish trend channel. If prices can remain inside the channel we should see a continuation of the uptrend towards the 1.277 area. A break below the lower...

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The EUR/USD pair broke above an ascending triangle bullish continuation pattern on a 30-minute chart. Prices remain supported by their 20-period moving average. Traders who are bullish may consider a stop-loss near the 1.1055 are just below the 20-period MA with a target near 1.115 resistance. A break below the 20-period moving average may put pressure on the...

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Looking at the S&P 500 CFD, The index has broken above a consolidation zone on a 30-min chart and remains supported by its 30 period moving average.  As long as 2980 remains support we anticipate further advance towards 3000 and 3025 resistance levels.

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The GBP/USD currency pair is in focus. Prices remain in a bearish trend channel on a 15-min chart. The 1.225 level above should act as resistance on the decline. Look for a continuation lower towards 1.2185 support and ultimately 1.215. A break above 1.225 may lead the pair higher towards 1.2295.

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The USD/CAD had one of the largest moves on Thursday after declining 59pips. The pair broke below a rising wedge reversal pattern on a 60 min price chart. As long as 1.407 remains key resistance, we anticipate further downside towards 1.40 and 1.397 support areas.

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The GBP/USD dropped 60pips to 1.2275 in Tuesday's trading making it one of the largest movers. Looking at key levels to watch. Resistance can be seen at the 1.2315 level with first support at 1.2245. The preferred technical scenario is bearish towards 1.222 as long as 1.2315 resistance has not been touched.

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The USD/JPY pair recently broke above a declining trend line after confirming a triangle bottom pattern on a 60-min chart. Look for a continuation higher to the next major resistance level near 106.95 as long as the pair can hold above 106.45 support.

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The USD/CHF jumped the most in Tuesday's trading. Prices remain supported by the 30-period moving average on a 30-min chart. The 61.8% Fibonacci retracement level from the swing high of 0.98 and swing low of 0.959 was broken to the upside in early trading indicating upside momentum. As long as the pair can remain above the 0.9685 pivot we may see a continuation...

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The USD/CAD had the largest move in Friday's trading. The pair broke above a declining trend line in place since April 21 (red line) and is now supported by a rising trend line since yesterday's low. Look for a continuation higher towards 1.415 resistance as long as the USD/CAD can remain above the 1.404 pivot.

ChristieCapital Updated 

The EUR/USD currency pair broke above our key resistance level of 1.0835. The USD was weaker across the majors on Monday however the EUR failed to gain momentum to the upside. Traders are watching 1.08155 support to see if price action can hold above a declining trend line.

ChristieCapital Updated 

The USD/CAD was the largest decliner on Tuesday and remains capped by a declining trend line. 1.4015 plays an important key level as resistance. For now, The USD looks weak against its major pairs.

ChristieCapital Updated 

The Toronto index dropped 16% from the top of July 2018. If we get another 16% decline it will take us to a rising trend line support area.

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Look for the SPX to break above key resistance for a continuation of the rebound this week.