Moves above swing highs between 1.3074 and 1.30835
USDCAD surges to new highs helped by oils sharp fall
The price of crude oil has moved sharply to the downside today after doing the complete opposite yesterday. For the USDCAD yesterday, the price move moved (higher CAD) as it followed the rise in oil . Today, the USDCAD is moving sharply higher following the fall in oil.
Technically, the price today has been able to get above old swing area between 1.30757 and 1.30922. The current price is trading at 1.3096 after reaching a high for the day of 1.31066. It would take a move back below 1.30757 level (low of the swing area) to hurt the bullish bias.
On the topside, the next target area comes between 1.31274 and 1.31373 (swing areas between July 14 and July 15)
Trading analysis offered by Flex EA. Source #RobotFX Team
# GBPUSD tests 61.8% and swing area The GBPUSD is in an up and down day. The GBPUSD moved higher earlier. That move was helped by better than expected retail sales. However the high price today stalled near the high price from last week near 1.3643, and rotated back lower on the USD buying. The subsequent move lower now has the price back toward the 61.8% retracement along with a swing area between 1.35969 and 1.36034. As I type, the price has dipped below that swing area. What next? If the price can stay below the 1.36034 area, that would be the best case scenario for the sellers with the next major targets coming in at the 100 hour moving average 1.3569 (blue line), and the 200 hour moving average at 1.35609 (green line). The 50% midpoint of the 2022 trading range is just below those levels at 1.35526 and would be a another target on further weakness. A move back above 1.36034 with momentum would have traders looking again toward 1.3618 to 1.36271 and then t...
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