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GBP/USD will hold onto its gains

al_dcdemo Posted 30 June as Analysis on GBP/USD, Target: 1.5725, Date: 3rd of August, 12:00 GMT  in #Technical analysis #GBP/USD #Reversal #Recovery #Lift Off #Medium Term Downtrend #Longer Term Uptrend #Three Leg Correction #Bullish Market #200 Week Sma
Monthly chart:
Medium-term downtrend has broken longer-term uptrend, which is marked on the chart as a trendline that supported the pair in 2009, 2010 and 2013. After trading down to below 1.50 in January, the pair reversed all sub 1.55 losses in February and even broke above the big level. At that point it looked like a bottom is in place, but another push down followed as the pair declined all the way to 1.4566. It took off from there to then ran out of puff just below 1.60. It is poised to cl…
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WallStreet6 28 July

Another great analysis! Also included some macroeconomic situation! Great stuff and only a bit over 100 pips to go!

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WallStreet6 28 July

As the GDP came on target I think that the cable may continue it's run upwards this week.

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al_dcdemo 31 July

Thanks! Let's hope for an early Monday rally. :)

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al_dcdemo 31 July

UPDATE 9: Among seven major currency pairs, Cable was the winner of the week. Solid preliminary GDP report was a big part in Sterling's gains, in line with the backdrop of hawkish BOE. Yet the Dollar was strong too and, thanks to the positive signal in the FOMC statement and solid Advance GDP report, the pair remained range-bound for the third consecutive week.

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al_dcdemo 1 Aug.

UPDATE 10: Next week is the first one of the month and, as usual, it comes with plenty of economic data points. NFP will again be in the spotlight but for the British currency the first BOE meeting in the new format will be even more important. Range top is found near 1.5675. Initial support is seen near 1.5550 but the stronger one lays at the range bottom around 1.5475.

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USD/CAD will consolidate gains

al_dcdemo Posted 30 May as Analysis on USD/CAD, Target: 1.2375, Date: 1st of July, 12:00 GMT  in #Technical analysis #Oil #USD/CAD #Reversal #Consolidation #Rally #Uptrend #38 2 Retracement #Strong Demand #Bullish Market
Monthly chart:
The pair is in uptrend since 2011. It broke 38.2% retracement (of the 2002 to 2007 decline) in January and then traded around 50.0% retracement for nearly three months. In April, the pair broke back down and continued lower to clear the stops below 1.20 level. The confluence of the broken trendline (drawn off 2003, 2004 and 2009 highs) and 38.2% retracement shall offer further support ahead of 20 month SMA, should the pair continue lower.
Weekly chart:
After range support at 1.235…
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al_dcdemo 15 June

UPDATE 6: The week ahead is promising volatility as there are quite a few important macroeconomic data points on the calendar for the week ahead. From Canada we have: Manufacturing Sales, Wholesale Sales, (Core) CPI and (Core) Retail Sales. From US: FOMC meeting, (Core) CPI, Unemployment Claims, Building Permits. Support shall come in at 50 DMA and then at June 10th low. Initial resistance is seen in 1.2350 - 1.2400 band, with more at 100 DMA.

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al_dcdemo 20 June

UPDATE 7: It was a volatile week for the pair but, on net, it didn't get very far. Weekly range was 230 pips but the pair closed the week just around 40 pips below the opening levels. Dollar bulls were disappointed on Wednesday when FOMC gave no clear indication on when they may start raising rates and that sent the pair lower. There was some follow through on Thursday but the dip was bought into and the pair reversed from there sharply, leaving hammer on the weekly chart.

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al_dcdemo 21 June

UPDATE 8: There's nothing of note from the Canada on the calendar for the week ahead, but we do get some important US macroeconomic updates: Existing Home Sales, (Core) Durable Goods Orders, Final GDP and Unemployment Claims. The pair is trading near the middle of the six-month trading range that is getting a shape of a symmetric triangle. Pattern support is seen between 1.2100 and 1.2150. Initial resistance may come near 1.2375.

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al_dcdemo 26 June

UPDATE 9: The main action in the past week was in the Euro but the Loonie was far from forgotten. Despite that the weekly range was hardly worth 200 pips, the pair continued nice tradable wide swing uptrend that commenced last Thursday and topped out (seemingly) on Wednesday. The pair closed some 70 pips above the opening levels. Weekly candle is of range type and the direction is unclear at the moment.

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al_dcdemo 27 June

UPDATE 10: Oil is still consolidating in 57 - 62 range and the pair is doing the same in the middle of its own range between 1.1900 and 1.2850. However, this range can also be seen as a symmetrical triangle, which is generally a continuation pattern. On Monday, pattern support will come in near 1.2180 and resistance around 1.2450. These kind of patterns are usually broken in the last third and that could well happen in the week ahead.

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