USD/CAD
What happened previously?
USDCAD rallied and reached our 1st resistance target.
What can we expect?
We are seeing price to reverse from 1st resistance at 1.4267 and there's a overbought Stochastics providing support too. 1st support level is a confluence level of 78.6% Fibonacci extension and 23.6% Fibonacci retracement.
UKOIL
What happened previously?
Market moved lower and broke previous highlighted support at 29.55. Prior support levels are invalidated.
What can we expect?
Our bullish view unchanged. We are seeing the price to retest the first 1 support now at 25.57 and likely to bounce from there. Stochastics are reaching a new low at 0.99 which serve as a good support for price. If price drops past 1st support, it may drop till the 2nd support where the 100% Fibonacci extension stands.
XAUUSD
What happened previously?
As expected, market moved higher and reached the previously highlighted target resistance at 1522.64
What can we expect?
We are seeing prices to retest 1st resistance at 1548.86 and likely to drop from there. Ichimoku cloud is also showing some bullish momentum for a minor bounce to happen. The 1st resistance happens to be where 38.2% Fibonacci retracement and 61.8% Fibonacci extension line up.
XCUUSD
What happened previously?
Market moved lower and broke previous highlighted support at 29.55. Prior support levels are invalidated.
What can we expect?
Our bullish view unchanged. We are seeing the price to bounce further from the first 1 support at 2.2889. Stochastics are bouncing from a new low at -0.78 which serve as a good support for price. 1st resistance is a confluence level of a 38.2% Fibonacci retracement and horizontal swing high resistance.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.
Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.