TraderNovo market analysis 4/4/2016

GBP/USD

The GBPUSD pair traded with strong negativity in last Friday to approach from the minor bullish channel that appears in the above chart, according to the trading rules within the price channels, we wait for a bullish rebound to resume the move within this channel, especially that stochastic provides clear positive clear positive signals on the four hours time frame.

Therefore, the bullish bias will be preferred in the upcoming period unless breaking 1.4140 level and holding with a daily close below it, pointing that our main target represents by testing the main bearish resistance that located at 1.4485.

Expected trading range for today is between 1.4150 support and 1.4350 resistance.

Expected trend for today: Bullish

USD/JPY

The USDJPY pair managed to break 112.00 barrier and closed last week trading below it, which supports the continuation of the bearish trend in the upcoming period, opening the way towards our next targets that begin at 110.00 and extend to 106.63.

The EMA50 continues to support the suggested bearish wave, which its continuation conditioned by holding below 113.97, reminding you that breaching this level will push the price to test the most important resistance for the short and medium term trading at 116.14 before any attempt to decline.

Expected trading range for today is between 110.00 support and 112.20 resistance.

Expected trend for today: Bearish

USD/CAD

The USDCAD pair shows bearish bias after approaching from the bearish channel resistance that appears in the above chart, which provides signals for the temporary rise that mentioned in our last report, then pushing the price towards resuming the bearish trend within the mentioned channel.

Therefore, we prefer the bearish bias domination in the upcoming sessions, and the main target represented by testing 1.2825 level, pointing that breaking this level will extend the bearish wave to reach 1.2660 as a next main station, while the negative scenario will remain valid unless breaching 1.3264 then 1.3330 levels and holding above it.

Expected trading range for today is between 1.2900 support and 1.3100 resistance.

Expected trend for today: Bearish

OIL

Crude oil price traded with clear negativity to approach from 36.00$ per barrel barrier, as the negative effect of the head and shoulders’ pattern that its signs appear on the above chart continue to push on the inter-day and short term trading, besides that the EMA50 forms negative pressure that supports the continuation of the decline in the upcoming period.

Therefore, we will continue to suggest the bearish trend on the intraday and short term basis, noting that the full target of the mentioned pattern surpasses the previously breached resistance of the main bearish channel that turns into support now at 33.85, which hints that crude oil price is on the way to return to the main bearish track again, and that urges monitoring the price behavior carefully when reaching 33.85 level.

On the other hand, we should note that breaching 37.70 followed by 39.00 levels would stop the current negative scenario and lead the price for recovery attempts on the short term basis.

Expected trading range for today is between 34.00 support and 38.00 resistance.

Expected trend for today: Bearish