Another week on the financial market is ahead of us. Larger market shares already happened at the beginning of the month. Currently, you do not see much on the charts, but we will try to analyze some of what the Asian session has brought.
We start with silver H4. You can see that the designated support zone turned out to be strong enough that the price of the stock was kept and investors started buying. Going above the zone gives us positive signs of growth, but the local resistance must be broken to confirm that we are willing to continue to raise the price. Before the breakout, possible withdrawal, so I recommend caution before entering long position without confirmation.
USDCAD H4. On Friday, the price was ahead of the macroeconomic data that were to be released in the afternoon. It turned out that since the English session the rate of many currency pairs was moving towards the weakening of the US dollar. The macro data only confirmed this. In this situation, have someone say there is no Forex manipulation. Currently there is no clean position. We are on local support, you can see descending triangle formations, which may be a sign of a possible deeper correction. Until I go one way or another, I don’t make a decision. In the event of a breakdown of the support, the entry is corrected.
USDCHF H4. The Swiss Frank formed the famous oRGR formation. At the moment we are waiting for confirmation by price adjustment to the support line. At this level, I will wait for a reaction and I am going to try to go long. This currency pair shows us that it is still possible to weaken the dollar. As in the case of USDCAD, the pattern indicates a possible deepening of the correction. Reading the formations from different currency pairs can give a signal to consider a specific scenario for the currency that we observe as the main currency.
GBPUSD H4. British Pound still in the growth channel. Despite the corrections, the price maintains the upward trend that I am writing about since the beginning of the website. The British economy is too strong for a dramatic drop in confidence in the country. At the same time, I am considering a possible stronger correction as the price itself has slowed down significantly. There is no longer such uncertainty as during the Brexit talks. Until a strong signal appears, I do not go short for a longer term. Currently, after breaking the local resistance, the way will open to further increases. Many traders have seen a wedge formation there, but it was broken on Friday so simultaneously negated. As long as the situation does not clear up in the first hours of the session, the EU remains outside the market.
BTC H1. It is not unusual for BitCoin to slow down. Everyone expected such strong moves as in 2017. But in this case, many institutions mean that the price does not fly like a madman. We are currently seeing a rebound from the designated trend line, which is also a support at the price level of 37700. I am only worried about the trading volume which is a bit too low. If the price goes back and the volume rises at the same time, you should watch out for deeper correction. Currently, we have a positive impulse for further increases, but you need to have your finger on the trigger to react in a timely manner.