Ransquawk

A review of the most interesting trading opportunities is a daily cycle of analyzes under the patronage of the FX88 broker, where we present the most interesting possible Price Action setups.

Risk notice: Transactions on Forex and CFDs can lead to the loss of all invested capital. Please note that FX88 is not responsible for the preparation of materials for this article or any other materials related to this article. The materials from the article are for informational purposes only and the information contained therein is not an investment advice and should not be interpreted as such.


USDCAD

As a result of the ongoing from March 19, this year declines USDCAD has already overcome quite a significant level of support last week. Although the market has been fluctuating around this zone since then, the bulls had so far lacked the strength to negate the earlier breakout. If therefore, the current consolidation turns out to be only a correction, we would expect further declines to around 1.2260 or even 1.2100.

USDCAD Daily

Looking at the 30-minute interval, we can see that the scenario could have taken place, the price would have to breakout out first from the consolidation lasting since last Tuesday.

USDCAD M30

USDJPY

The current situation on the USDJPY looks also bearish, where as a result of recent increases, the market has reached the area of the (orange) resistance zone being the lower limit of the previous consolidation. Last Friday there was a supply reaction, and if this zone will be permanently rejected, we would expect a continuation of declines.

USDJPY Daily

Looking at the 60-minute interval, however, we notice that the price is currently fluctuating around the upward trend line, and only overcoming this support could open the way to further declines.

USDJPY H1

CADJPY

The current situation on the CADJPY is also very interesting, where as a result of the ongoing growth from March 19 this year, the market has reached the local level of resistance. There, also last Friday, was the first supply reaction and if this zone is permanently rejected, we would expect a continuation of declines.

CADJPY D1

FX88 is a broker regulated by CySEC. The broker provides competitive spreads and prices of currency pairs, metal and CFD. In addition, it provides the latest trading tools that enable investors to take advantage of the amazing opportunities on the market.

Leave us a comment!

Ransquawk