Global round-up: analysis and trading ideas
Bitcoin hit and held strong resistance at 7720/40 in the bear trend and is expected to head lower over the weekend. We look for the first target and minor support at 7610/00. The outlook is negative with further losses to target 7500/7490 and eventually 7410/00.
An unexpected break above 7800, however, would be a short-term buy signal targeting 7950/8000, perhaps as far as 8140/8180.
EUR/USD has completed a small but bullish inverse head-and-shoulders pattern. Bulls must hold the pair above first support at 1.1750/60 (our buying opportunity today) to re-target 1.1810/20 and 1.1875, before strong resistance at 1.1900/10.
There is minor support at 1.1790/86, then a buying opportunity at 1.1760/50 with stops below 1.1720.
USD/CAD bounced from good support at 1.2870/60 and is now holding first resistance at 1.2975/85. The outlook is negative and we are likely to turn lower from here. However, the best selling opportunity is at 1.3035/45, with stops above 1.3080.
Holding below first resistance at 1.2975/85 (as is likely) targets 1.2940/36 and good support at 1.2870/60. A break lower is possible (even likely), eventually targeting 1.2820/15.
GBP/USD topped just below important resistance for the week at 1.3480/90. Holding first support at 1.3415/05 allows a small recovery towards our selling opportunity at 1.3480/90 (again we may top just below), with stops above 1.3425.
The outlook is negative and a move below 1.3400 targets second support at 1.3375/70. On further losses look for 1.3340/35, perhaps as far as 1.3310/00 into next week.
The outlook for GBP/JPY is also negative and gains are likely to be limited with first resistance at 148.50/60. Further gains are unlikely but, if seen, would re-test a selling opportunity in the 148.00 area with stops above 148.50. A break higher targets 149.15/20.
A break below 146.80 looks likely eventually, targeting 146.30/20. Further losses into next week target 145.90/85 and 145.15/05.
WTI crude enjoyed a good bounce this week to ease oversold conditions and now targets strong resistance at 6620/30. Try short positions with stops above 6670. An unexpected break higher, however, allows a further recovery to strong resistance at 6745/55.
Failure to beat 6620/30, as expected, targets 6540/30. On further losses look for 6465/55, before the low at 6430/20. A move below 6415/10 targets 6390/80, perhaps as far as 6330/25 and 6285/80.
Technical Analyst & Trader
The content of this article is the personal opinion of the author and not InterTrader. You should under no circumstances consider the information and comments provided as an offer or solicitation to invest. This is not investment advice. The information provided is believed to be accurate at the date the information is produced.