USD/CAD

What happened previously?

USDCAD sideways and rebound from recent sharp drop. 

What can we expect? 

We are seeing price to  drop further towards 1st support at 1.41528 and  Stochastics is also reaching oversold area, in support of a potential bounce. 1st support level is a confluence level of 78.6% Fibonacci extension, horizontal swing low support and 38.2% 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, XAUUSD went higher and broke above our previous resistance level. Our previous bearish call is invalid.

What can we expect?

We remain bearish as price is reaching our 1st resistance at 1636.16 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 76.4% Fibonacci retracement 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. Market sees optimism after U.S. indicates that they are close to a $2tn stimulus deal. 

What can we expect?

Our bullish view unchanged. We are seeing the price to bounce further from the 1st support at 2.1573, which happens to be a horizontal overlap support level.Ichimoku and EMA (34) shows good support for price to rise. The 1st support level is also a confluence level of a 38.2% Fibonacci retracement. 

 

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