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EURUSD slowed down in the past few sessions around 1.2855 levels (QE3 spike) from where prices rallied sharply yesterday in impulsive fashion through falling trend-line. Notice that price action from the past two weeks was very overlapping and choppy from 1.3170 high, which we still think its corrective, part of a bullish trend. So ideally this wave 4 is now complete and EURUSD is headed much higher, especially if price will close bullish today which is also a weekly close price. Short-term critical invalidation level is now at 1.2830
USDCAD reversed perfectly lower from that 38.2% retracement area where wave 4 is showing evidence of a top. The reason is fall from 0.9860 which is quite sharp and already extended through the rising channel support line. Todays daily and weekly close price below that line will be important signal for further weakness in coming week. 0.9860 is now short-term critical invalidation level; bearish below it. We are holding shorts on this pair from yesterday when we turned bearish, as discussed in article here
Gold is trading higher as expected, after a three wave decline from recent high that found the base around 1736. Notice that prices accelerated sharply after channel break which in many cases means continuation of a larger trend. In our case that means up, maybe even above 1800 early next week. Market is now clearly bullish while 1736 support is in place.
USDCAD reversed perfectly lower from that 38.2% retracement area where wave 4 is showing evidence of a top. The reason is fall from 0.9860 which is quite sharp and already extended through the rising channel support line. Todays daily and weekly close price below that line will be important signal for further weakness in coming week. 0.9860 is now short-term critical invalidation level; bearish below it. We are holding shorts on this pair from yesterday when we turned bearish, as discussed in article here
Gold is trading higher as expected, after a three wave decline from recent high that found the base around 1736. Notice that prices accelerated sharply after channel break which in many cases means continuation of a larger trend. In our case that means up, maybe even above 1800 early next week. Market is now clearly bullish while 1736 support is in place.
