Daily Analysis | GBP/CAD | 8 of August

Posted 08 August, 2017

 

In the lack of any major driver today, the GBP/CAD is still bullish ,after the retracement from the weekly H4 camarilla pivot. At this point, we can see a bullish SHS (inverted head and shoulders pattern) that cues for an uptrend continuation. 0.6493-0.6506 (bullish shs, trend line, 2 hammers, historical buyers, 61.8, D3) is the POC zone and the price might reject. Above 1.6520 we might see a continuation towards 1.6540, 1.6565 and 1.6602. D L4 -1.6477 should hold for the bullish SHS pattern to succeed. Below 1.6475 we might see the pattern invalidation, leading to 1.6440.


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W L3 - Weekly Camarilla Pivot (Weekly Interim Support)
W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

 

                                                                                                    By Nenad Kerkez | Admiral Markets

 

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Previous forecast

10 August, 2017 11:40

← Daily Analysis | EUR/USD | 10 of August

The EUR/USD has perfectly rejected from both POCs after the setup and analysis shown on Weekly Recap and at this time it is very clear that the equidistant channel is trapping the price keeping the range bound market still in play. After a fake-out that happened yesterday 1.1720-1.1690 (which was still good to trade as a breakout trade, and what I showed during the Live Trading webinar) we can see two POC zones within the equidistant channel that might push or tank the price. If the price spikes above 1.1778 (EMA89, D H3, channel high) the target is 1.1798 and 1.1825. Above 1.1832 we should see a continuation towards 1.1875 and 1.1910. Below 1.1668 (D L5, ATR projection low, channel low), the price could drop to 1.1584.

Daily Analysis | EUR/USD | 10 of August

Next forecast

04 August, 2017 15:22

Daily Analysis | EUR/USD | 4 of August →

The NFP with Average Hourly Earnings data will be the most important today for the EUR/USD currency. The ADP missed the forecast (178k vs 187k) but it was revised higher - 191k. It implies that the NFP might not be the most important data today, but rather it will be the wage data. However, traders should be paying attention to both as the NFP might come close to 180k due to a lot of seasonal work, for tourism.

Daily Analysis | EUR/USD | 4 of August
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