The index has recently been characterized by either a series of short trends or ranging prices. There is an opportunity for a short term intra-day sell given a few observations. The 15 minute chart shows a bear channel with a series of lower highs.
The pair is clearly on an upward trend and the series of higher lows are outlined in the above chart with the red support line. Price opened today above the pivot price which is at 0.7545. The outright trade view for this asset would be to go long but some caution should be taken.
The Dollar index has taken quite a beating in the past few days but yesterdays session saw it make an effort to recovery as observed from the EURUSD which closed lower in the session. Today the market opened below the pivot price and is also maintaining a position below the 50 MA on the hourly chart.
The AUDCAD is maintaining an impressive uptrend and looks to continue its bullish run. The pair opened today above the pivot which is at 0.9845. Technical indicators including the 20 and 50 MA are both bullish and the RSI is biased to the upside.
The pair has maintained a bullish channel for a while now and is currently around the support zone. The market opened today above the pivot price which is at 0.8775. Technical indicators are pointing out a number of things.
Gold has continued the extensive bullish trend which it maintained for the most of last week. Technical indicators suggest the possibility of further upward movement and on the fundamental side, the controversies and uncertainties surrounding economic policies to be implemented by the new US administration makes gold a safe bet for investors at the moment.
The pair has been on a steady upward climb for several days now. There is possibility of price getting to an over-bought level soon but at the moment the RSI still shows some potential for further bullish movement.