USD/CAD

What happened previously?

USDCAD spiked up and touched our 1st resistance. Our previous bearish call is still valid.

What can we expect? 

We are seeing price to reverse from 1st resistance at 1.47155 and there’s a overbought Stochastics providing support too. 1st resistance level is a confluence level of 1.113% Fibonacci extension, horizontal swing high resistance and 161.8% Fibonacci retracement.

 

UKOIL

What happened previously?

Market moved lower and retested our 1st support at 24.77. Prior support levels are still valid.

What can we expect?

Our bullish view unchanged. We are seeing the price to retest the first  support now at 24.77 and is likely to bounce from there. Stochastics are reaching a new low at -0.12 which serves as a good support for price. 1st support level happens to be a confluence level of horizontal swing low and 61.8% Fibonacci extension.

 

XAUUSD

What happened previously?

As expected, the market bounced nicely  and reached our target. 

What can we expect?

We turn bearish as price is reaching our 1st resistance at 1590.48 and is likely to reverse from there. Stochastics is also showing some bearish momentum for a drop to happen. The 1st resistance happens to be where 100% Fibonacci extension and 127.2% Fibonacci extension lines up well and could serve as a key resistance level. 

 

XCUUSD

What happened previously?

Market moved lower towards 1st support. Price spiked down to previous horizontal swing low at 1.93464 which formed our new support level.

What can we expect?

Our bullish view unchanged. We are seeing the price to bounce further from the 1st support at 1.93464, where price failed to break below in 2016 Stochastics are reaching a new low at 0.10 which serve as a good support for price. Besides being the horizontal swing low, the 1st support level is also a confluence level of a 61.8% Fibonacci retracement and 88% Fibonacci retracement.

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