USDCAD –last week’s fall is taking a breather; daily Tenkan-sen caps recovery for now
The pair is slightly firmer on Monday, following strong fall in last three days of past week. Bearish acceleration found footstep at 1.2700 zone and closed above cracked Fibo 38.2% of 1.2432/1.2916 upleg at 1.2731.
Upside attempts today…
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EURUSD – downside under pressure after completion of bearish flag on daily chart
The Euro accelerated lower after recovery attempts on Monday were capped by falling 7SMA at 1.1624.
Fresh weakness returned below 1.1600 handle and pressuring key support at 1.1574 (27 Oct low), break of which would signal bearish…
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Copper – break out of triangle to signal n/t direction; techs remain bullishly aligned
Copper price rose above $3.17 on Monday, fully reversing losses on Friday, but upside remains limited, following repeated upside rejections above $3.17 handle.
Future contract for December delivery is holding within triangular…
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USDTRY takes a breather after Friday’s 2.35% advance; bulls eye all-time high at 3.9414
Turkish lira is taking a breather on Monday after falling sharply last Friday on solid US jobs data, when lira was down 2.35% for the day against the US dollar.
Additional relief for lira comes from Turkish central bank’s decision to…
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SPOT GOLD – limited correction before bears resume
Spot Gold price bounced on Monday after downside attempts stalled ahead of last Friday’s low at $1265.
Strong supports lay at $1260/$1263 zone (06 Oct low / 200SMA / 27 Oct n/t congestion low) which keep the downside protected for now,…
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US CRUDE OIL hits new over two-year high; correction may precede fresh upside
WTI oil maintains strong bullish tone on Monday and hit new high at $56.56 (the highest since July 2015), in extension of strong rally last Thu/Fri.
Oil prices remains strongly supported by expectations that oil producers will agree to…
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USDJPY – buying dips for eventual break higher remains favored
The pair spiked to fresh nearly eight-month high at 114.73 in early Monday’s trading, but probes above previous peaks at 114.36/49 (10 May / 11 July) were so far short-lived, adding to strong indecision signals from last Thu/Fri long-legged…
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GBPUSD – thick hourly cloud marks strong obstacle for recovery rally
Cable is in recovery mode on Monday and probes above 1.3100 barrier, after last week’s post-BoE’s fall stalled ahead of previous low of 06 Oct at 1.3026.
Recovery attempts face strong barrier from thick hourly cloud (spanned between 1.3113…
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EURUSD – downside remains at risk for extension below 1.1574 pivot, while falling 10SMA caps
The Euro stands at the back foot on Monday and pressuring 1.1600 support, which guards post ECB’s multi-month low at 1.1574, posted on 27 Sep.
Last Friday’s close in red which formed bearish Outside Day pattern, weighs on near-term action…
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