The pair has some fair amount of retracement in yesterdays session following an impressive bull trend that ran from last week Friday and peaked yesterday. As seen in the chart technical indicators today are slightly bullish. The 50 MA is below price and the RSI is mixed to bullish as well with it being just at the neutrality point.
For the most of this week, the pair has been on an uptrend and has a good possibility of continuing its bull-run. Today price opened above the pivot point which is at 141.35. Still in the upward channel.
The pair appears to be making a trend reversal from the downtrend it was mostly on last week. Today it opened above the pivot price which is at 1.3070. Price is close to the support zone at the moment and could look to make a bullish move towards the resistance of the current channel.
USDCAD is in a bearish channel following a continued downtrend. Although the market opened above the pivot price today, there is only a slight indication that there will be considerable bullish move or a breakout from the resistance zone of the channel.
The pair has been on a downtrend since last week. For most of the past week there has been negative pressure on the EURO with the dominance of the USD. Price is locked in a bearish channel with short opportunities at the resistance zone.
The metal has been on an uptrend and today opened above the pivot price which is at 17.650. Further upside is expected but some caution should be taken. Long trades can be opened today with take profit targets around 17.87 and also 18.00. But a few things should be noted.
Gold continues its impressive bull run and is still out trade of the day as the market conditions have not changed much from what we observed yesterday. Price was mostly ranging yesterday and we expect for a more decisive more in today’s trading session.