Hello, dear friends!
On Tuesday, all eyes were on the negotiations between the UK and the European Union. Both sides are positive and talk about the likelihood of reaching a compromise before the end of the day.
This week is the last opportunity to prevent a hard Brexit and not to extend the period of Britain's exit from the EU. If the provisions of the deal can be agreed today, it can be approved in the British Parliament as early as Saturday. The GBPUSD pair is held above the level of 1.2600 against the background of what is happening.
Among other news, we note the introduction of a "lite" version of U.S. sanctions against Turkey. They have not affected the banking sector, so far, they are perceived as rather a symbolic step.
On Tuesday, the strong news is already out. We got good statistics on unemployment in the UK and an improved index of economic conditions in Germany. None of them had much impact on the market. There is no important news until the end of the day, except for possible Brexit messages.
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According to EURUSD we are waiting for the formation of a bearish pattern
On Monday, the pair were unable to resume growth. The current downward movement is considered as a possible reversal from the level of 1.1051.
The main scenario for today is the formation of rounding under the lower boundary of the range of 1.1014-1,1040. At the retest of the bottom level of 1.1014 we open deals for sale with profit-taking at the levels of 1.1000 and 1.0968. When developing further downward movement, focus on local extremes.
According to GBPUSD, the bear scenario is still relevant
The scenario with the extension of the upper limit of the range of 1.1970-1.2574 was not realized. On H4 there is a formation of a global imbalance - on the left there is a support segment, and now there is the formation of the 2nd wave of the M-shaped model. After breaking its minimum and retest from below we will get an entry point for sales with the first target in the area of 1.2210.
The junior timeframe stands out for 1.2542-1.2687. A good entry point can be formed when you expand its upper boundary. If we receive a sales signal, the first target is on its lower boundary.
According to AUDUSD, the first goal for short positions has been achieved, possible continuation of the downward movement
The resistance movement continues at 0.6806. After the upward correction there was a fall and the first goal at 0.6752 has already been reached.
So far, there is no reason to believe that there will be a U-turn. I recommend to observe the behavior of the schedule on the timeframes of the M5-M15 in the near future. At this time interval, it is possible to form local termination zones, when pinning under their lower limits, you can open trades for sale. The main goal for the downward movement is support by 0.6710.
We expect the Canadian to weaken to at least 1.3281
After the collapse of the American at the end of last week we are seeing the recovery of the USDCAD pair. The chart has returned to the area above the level of 1.3207, we expect that the growth will last at least to the level of 1.3281 (just will be played pulse movement).
Scenarios for the near future:
- fastening above the level of 1.3235 - buy with a take at 1.3281;
- Resistance breakout at 1.3281 - topping up and closing profit at 1.3343;
- reversal from the level of 1.3281 - can be sold with a take profit of 1.3207.
According to USDCHF, we work at Buy
Reluctantly, the USDCHF chart still moves towards the main target at 1.0023, the intermediate resistance is located at 1,0006.
If you haven't entered the market before, look for signals for purchases on small timeframes. The best option is to form local trades on the M5 and enter buy after a true breakdown of the upper boundary or expansion of the bottom.
On gold is working out a bearish scenario
The XAUUSD tool actually retested the previously broken support at 1490. The range 1489-1496 has been formed, we consider two scenarios:
- Expanding the upper boundary - current sales;
- The true breakdown of level 1489 - can also be sold.
The goal in both cases is at 1475.