Bearish alert: USDCAD fires a Pinbar at dynamic resistance

USDCAD fired off a Pin bar as price laboured in vain to pull higher from its recent rally which now looks likely to continue and maybe develop into a trend but in the mean time, we have a Pin bar at the dynamic resistance as price continued to face rejection from the upside. Pprice is now expected to fall into the horizontal support at about 1.0867.

The four hour chart below shows how we intend to trade this setup.

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GBPUSD staying with the bullish trend

These days I comment less on my posts becos you could use a picture to depict a scenario completely as the GBPUSD chart above does.


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GBPJPY TRADES WITHIN AN ASCENDING TRIANGLE

GBPJPY currently trades within an ascending triangle after a hidden bullish divergence was noticed on the charts (shown above). The bias therefore remains bullish and price is expected to breakout north out of this containment.



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EURUSD BREAKS OUT OF DESCENDING TRENDLINE

EURUSD has broken out from its upper trendline which had been containing the pair and preventing it from moving further long, however, this was expected since price had given off a bullish hidden divergence on its wake. The way now seems clear for price to retest previous highs and possibly setting new ones. The trade room had gone long based on the cup and handle trade setup that was discussed April 24th.



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EURCHF in-line for a bearish drive

EURCHF looks set to continue bearish after a third bounce on its bearish trendline. The trade room is taking a short trade on this via a sell stop target at its recent lows. Tthis setup will be invalidated if price manages to break and close above this trendline.



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Gold hits resistance

Gold has hit resistance and has been slightly rejected at that zone. This rejection is very significant since it is at the third time of asking. Sellers are exoected to sell off the metal.


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GBPUSD EXPECTED TO RALLY INTO SUPPORT

GBPUSD which has been on an extended bullish run looks set to let off some steam as it trades at extreme points as shown in its chart above.


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