Analysis for July 29th, 2016
EURUSD, "Euro vs US Dollar"
Yesterday, the price rebounded from the 2/8 level and then stayed below it. However, right now the pair is moving above the daily Super Trend, which means that it may start a significant ascending correction. Consequently, to resume its decline, the market has to break the H4 Super Trend and the 1/8 level and stay below them.
As we can see at the H1 chart, the 4/8 level provided resistance and the price rebounded from it. The closest target for bears is the 2/8 level. If the price breaks this level and stay below it, the market will continue falling much deeper.
USDCAD, "US Dollar vs Canadian Dollar"
Canadian Dollar rebounded from the 7/8 level, which means that it may resume moving upwards. If the price stays above the H4 Super Trend during the day, the pair may reach a new local high soon.
The lines at the H4 and H1 charts are completely the same. If Super Trends form "bullish cross" and the price breaks the 8/8 level and stays above it, the market may start a new ascending movement in the future.
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