Weekly Bitcoin analysis

Trading 20 oct 2019 Commentaire »

On a weekly basis the Ichimoku cloud indicator has given a weak bearish signal by a cross of the tenkan-sen below the Kijun-sen. I expect this bearish signal to provide a pull back test towards weekly cloud support before the bullish trend resumes.


Price is below the weekly Kijun- and tenkan-sen. Bulls need to recapture this resistance level ($9,500) in order for the trend to continue higher. Until then, price is in a bearish short-term trend looking for a back test of the Kumo. The Chikou span ( green line indicator) is approaching the lower cloud boundary support at 7270. Breaking below this level would be bad for bulls.The material has been provided by InstaForex Company - www.instaforex.com

USDCAD at critical support

Trading 20 oct 2019 Commentaire »

USDCAD is challenging important long-term support levels. Bulls need to step in now, otherwise we could see price move below 1.30 soon, even this week. Such a break down could lead to 1.27 and would cancel any scenario for a move towards 1.35.


Red line- support trend line

USDCAD price is right above the red trend line support at 1.3125. The RSI has already broken this support level. This is a bearish sign. This increases the chances of a move lower at least towards 1.30. Long-term support is found at 1.30. Breaking below it will open the way for a move towards 1.28-1.27. Bulls need to recapture the 1.3240 level in order to keep hopes for 1.35 alive.

The material has been provided by InstaForex Company - www.instaforex.com

EURUSD remains firmly bullish in the short-term

Trading 20 oct 2019 Commentaire »

EURUSD has held its ground this week and closed at its week highs not looking back from 1.1030 where it opened last Monday. In our previous posts we noted that holding above 1.10-1.1030 would lead to a move towards 1.1130 and higher. Resistance at 1.10-1.1030 area got broken, back tested and then broken again. What else do we need for a clearer bullish sign?


Black lines- wedge pattern

This wedge pattern has been noted several times in previous analysis. Our first target was the 38% Fibonacci retracement once the resistance at 1.10 was broken. Now we are moving closer to our next target at the 61.8% Fibonacci retracement level. Trend is bullish in the short-term.


As we noted last week we had a weak bullish signal by the cross of the tenkan-sen above the kijun-sen. We also said that a break above the Daily cloud resistance would strengthen this signal. And so it did break above the cloud for the first time since June. Daily trend is changing to bullish. Bulls now need to hold above the Kumo (cloud) support. A break below 1.10 would be very bearish. The material has been provided by InstaForex Company - www.instaforex.com

Weekly analysis of Gold

Trading 20 oct 2019 Commentaire »

Gold price was mostly stable last week moving within a narrow price range. Gold ended the week slightly higher than last week while price moved between $1,477 and $1,498. At the end of the week price was just a bit higher than where it opened on Monday. So this is a no event week.


Green lines - bearish channel

Despite Dollar sell off last week, Gold bulls did not manage to recapture the $1,500 level. Price remains inside the bearish channel and as long as we continue to trade below $1,525 I continue to expect price to move closer to the lower green channel boundary near $1,440. Support is at $1,477-74 and resistance at $1,500 and next at $1,525. Any bounce is considered selling opportunity as long as we trade below $1,525.


On a daily basis in ichimoku cloud terms, Gold price is in neutral trend. Price is below the tenkan- and kijun-sen indicator favoring more downside. Resistance is at $1,500 (tenkan- and kijun-sen) and at $1,520-25 (upper cloud boundary). Support is at $1,471 (lower cloud boundary).The material has been provided by InstaForex Company - www.instaforex.com