EURUSD H4 Technical and Fundamental Analysis for 25.07.2024 Time Zone: GMT +3 Time Frame: 4 Hours (H4) Fundamental Analysis: The EUR/USD forecast today is currently influenced by a series of upcoming economic events and data releases. For the USD, key events include speeches from FOMC members Bowman and Logan, as well as President Biden's announcement. High-impact data such as the Advance GDP q/q, Unemployment Claims, and Durable Goods Orders will also play crucial roles. These events are likely to provide significant volatility in the market. In the Eurozone, the Ifo Business Climate Index and ECB-related announcements will shape market sentiment. Strong US economic data and hawkish tones from FOMC members may strengthen the USD, potentially pushing the EUR/USD pair, also known as the Fiber, lower. Price Action: The EUR/USD H4 chart has recently broken below the Ichimoku cloud, indicating a shift to a bearish trend. The pair is experiencing a downward movement, forming lower highs and lower lows, typical of a bearish trend. The pair’s price action suggests continued downward pressure, with the price finding resistance at the lower boundary of the Ichimoku cloud. Key Technical Indicators: Ichimoku Cloud: The price breaking below the Ichimoku cloud is a bearish signal. The future cloud is bearish as well, with Span A below Span B, indicating potential continued downward momentum. RSI (Relative Strength Index): The RSI is around 35.39, which is close to the oversold territory. This indicates that while the bearish momentum is strong, there may be limited room for further immediate decline before a potential correction. MACD (Moving Average Convergence Divergence): The MACD indicator shows a negative histogram with the MACD line below the signal line, reinforcing the bearish sentiment. This suggests that downward momentum is currently prevailing. Support and Resistance: Support Levels: Immediate support is found at 1.08345, with stronger support at 1.08000. Resistance Levels: Immediate resistance is at 1.08574, followed by 1.08870 and 1.09039. A break above these levels would be required to negate the current bearish trend. Conclusion and Consideration: The EUR/USD technical analysis on the H4 chart is exhibiting bearish tendencies, confirmed by the price breaking below the Ichimoku cloud and negative signals from the MACD. The RSI suggests the pair is nearing oversold conditions, which could lead to a short-term corrective bounce. However, the overall sentiment remains bearish unless significant resistance levels are breached. As for the Fiber’s fundamental analysis today, traders should closely monitor the upcoming economic data releases and FOMC speeches for further direction. Proper risk management, such as setting stop losses, is crucial in this volatile environment. Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. FXGlory 25.07.2024
GBPUSD H4 Technical and Fundamental Analysis for 29.07.2024 Time Zone: GMT +3 Time Frame: 4 Hours (H4) Fundamental Analysis: The GBP/USD news analysis today is significantly influenced by economic indicators from both the United Kingdom and the United States. For the UK, factors such as changes in the money supply, mortgage approvals, and new credit issuance play crucial roles. The recent data from the Bank of England shows an increase in money circulation and credit issuance, suggesting an optimistic economic outlook. In the US, economic indicators such as interest rates, inflation, and job reports affect the dollar. The upcoming Bank of England reports will provide further insights into the UK's economic health, impacting the GBP/USD forecast today. Price Action: The GBP/USD H4 chart is exhibiting a downtrend, as indicated by the descending channel formed by the red trend lines. The price is consistently making lower highs and lower lows. The pair also known as the Cable, is struggling to break above the resistance provided by the upper trend line of the channel. This pattern indicates the pair’s bearish sentiment. Key Technical Indicators: Ichimoku Cloud: The price has broken below the Ichimoku Cloud, indicating a bearish trend. The conversion line (Tenkan-sen) is below the baseline (Kijun-sen), supporting the bearish outlook. The cloud ahead is bearish, suggesting continued downward pressure. RSI (Relative Strength Index): The RSI is currently at 39.70, indicating the market is approaching oversold conditions. A value below 30 would signal an oversold market, potentially leading to a corrective bounce. MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, and the histogram is in negative territory, signaling bearish momentum. The divergence between the MACD and the signal line suggests a strengthening downward momentum. Support and Resistance: Support Levels: The immediate support level is around 1.26690, which aligns with the lower trend line of the descending channel. Resistance Levels: The nearest resistance is around 1.29215, where the price has previously attempted to break above but failed. Conclusion and Consideration: The GBP/USD technical analysis today shows the pair's bearish trend on the H4 timeframe, confirmed by the Ichimoku Cloud, MACD, and RSI indicators. Traders should look for potential sell opportunities, particularly if the price continues to respect the upper trend line of the descending channel. Monitoring upcoming economic releases from both the UK and the US will be crucial as they could influence the Cable’s price action. Traders should also be cautious of any corrective bounces that might occur if the RSI reaches oversold levels. Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. FXGlory 29.07.2024
EURUSD H4 Technical and Fundamental Analysis for 30.07.2024 Time Zone: GMT +3 Time Frame: 4 Hours (H4) Fundamental Analysis: The EUR/USD news analysis today is influenced by various fundamental factors such as macroeconomic indicators, central bank policies, and geopolitical events. For the Euro, recent data releases from INSEE indicate changes in consumer spending and GDP, which are vital for understanding the economic health of the Eurozone. Positive readings typically strengthen the Euro. On the US side, upcoming data on house prices and consumer confidence are crucial. The US Federal Reserve’s monetary policy decisions also play a significant role, with higher interest rates potentially boosting the USD, consequently affecting the pair also known as the Fiber. Price Action: The EUR/USD H4 chart shows the pair’s clear bearish trend, with the price moving below the Ichimoku cloud, indicating a strong downtrend. The price has recently tested and broken through significant support levels, and there is a descending channel evident, further confirming the bearish sentiment. The Fiber’s price action suggests continued downward pressure unless a significant reversal signal appears. Key Technical Indicators: Ichimoku Cloud: The price is trading below the Ichimoku cloud, indicating bearish momentum. The future cloud is bearish, suggesting that the downtrend might continue. The Tenkan-Sen is below the Kijun-Sen, reinforcing the bearish outlook. RSI (Relative Strength Index): The RSI is at 36.35, which is in the bearish zone but not yet oversold. This indicates that there might still be room for further downside before a potential reversal or correction. Stochastic Oscillator: The Stochastic is at 20.22/14.21, indicating oversold conditions. This could suggest that a short-term bounce or correction might be on the horizon if the market finds some support. Support and Resistance: Support Levels: The immediate support level is at 1.08148, with further support at 1.07600, the lower bound of the descending channel. Resistance Levels: The nearest resistance is at 1.08331, followed by 1.08555 and 1.08842, which are the upper bounds of the recent price consolidation and descending channel. Conclusion and Consideration: The EUR/USD technical analysis today on the H4 chart shows a strong bearish trend reinforced by key technical indicators. The price is trading below the Ichimoku cloud, the RSI indicates bearish momentum, and the Stochastic suggests oversold conditions. Traders should monitor the support at 1.08148 closely; a break below this level could signal further downside. However, oversold conditions might lead to a short-term corrective bounce. As for the pair’s fundamental analysis, data releases from both the Eurozone and the US could provide additional volatility and direction. Risk management is crucial in such a volatile environment, and setting appropriate stop-loss levels is advised. Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. FXGlory 30.07.2024
EURJPY H4 Technical and Fundamental Analysis for 31.07.2024 Time Zone: GMT +3 Time Frame: 4 Hours (H4) Fundamental Analysis: The EUR/JPY pair is influenced by various fundamental factors, including economic indicators from the Eurozone and Japan. For the Euro (EUR), recent data from the Eurozone's economic performance, particularly GDP growth and inflation rates, are pivotal. Reports from the European Central Bank (ECB) regarding monetary policy also play a crucial role. For the Japanese Yen (JPY), key indicators include the S&P Global Manufacturing PMI and the Bank of Japan's stance on monetary policy. The overall economic health and consumer confidence in both regions are significant drivers for the EUR/JPY pair. Price Action: The EUR/JPY H4 chart shows a bearish trend, with the recent price action forming lower highs and lower lows. The pair's price has broken below the Ichimoku Cloud, indicating a bearish sentiment. The EUR/JPY pair has recently found support near 164.15 and resistance around 168.01. The formation of a descending pattern suggests further downside potential unless a strong reversal signal emerges. Key Technical Indicators: Ichimoku Cloud: The price is below the Ichimoku Cloud on the EUR/JPY H4 chart, indicating a bearish trend. The Tenkan-sen is below the Kijun-sen, reinforcing the bearish outlook for this pair. The Chikou Span is also below the price, further confirming the bearish sentiment for EUR against JPY. MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, and the histogram is negative, indicating bearish momentum. The recent contraction of the histogram suggests a potential weakening of the bearish momentum. Support and Resistance: Support Levels: The key support level is at 164.15, which has been tested multiple times and has held. Resistance Levels: The primary resistance level is at 168.01, with another significant level at 166.08. Conclusion and Consideration: The EUR/JPY technical analysis on the H4 chart exhibits a strong bearish trend supported by the Ichimoku Cloud and MACD indicators. The EUR/JPY price action suggests a continuation of the downward movement unless a significant reversal signal occurs. Traders should watch for any breakouts above the resistance level of 168.01 or below the support level of 164.15 for potential trade opportunities. It's essential to monitor upcoming economic data releases for the Euro and the Yen, as these can impact the pair's direction. As always, employing proper risk management strategies, including stop losses, is crucial in this volatile market. Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. FXGlory 31.07.2024
GBPUSD H4 Technical and Fundamental Analysis for 08.01.2024 Time Zone: GMT +3 Time Frame: 4 Hours (H4) Fundamental Analysis: The GBP/USD news analysis today is influenced by a variety of fundamental factors. The British Pound is currently affected by the economic outlook in the UK, including inflation rates, interest rates set by the Bank of England, and the overall economic performance as reflected in GDP and employment data. The US Dollar, on the other hand, is influenced by similar factors in the United States, including Federal Reserve policies, inflation rates, and employment figures. Today's economic calendar includes several important data releases for the USD, such as Unemployment Claims and ISM Manufacturing PMI, which are expected to have a high impact on the currency. These releases could provide significant volatility and direction to the GBP/USD pair, also known as the “Cable”. Price Action: The GBP/USD H4 chart shows the pair trading in a descending channel with clear lower highs and lower lows, indicating the pair’s bearish trend. However, the Cable’s recent price action suggests a consolidation phase around the 1.2830 - 1.2865 range, which may be forming a base for a potential reversal or continuation pattern. The price is currently testing the upper boundary of the channel, indicating a crucial decision point. Key Technical Indicators: Ichimoku Cloud: The price is trading below the Ichimoku cloud, suggesting a bearish outlook. The cloud ahead is bearish, providing potential resistance for any upward movement. RSI (Relative Strength Index): The RSI is around the neutral 49 level, suggesting neither overbought nor oversold conditions. This indicates a lack of strong momentum in either direction, aligning with the current consolidation phase. MACD (Moving Average Convergence Divergence): The MACD line is below the signal line, and the histogram is in negative territory, indicating bearish momentum. However, the narrowing histogram suggests weakening bearish momentum, which could precede a bullish crossover. Support and Resistance: Support Levels: The immediate support levels for the currency pair are at 1.2827 and 1.2810, providing crucial price points where buying interest might emerge to prevent further decline. Resistance Levels: The resistance levels are at 1.2846 and 1.2865, acting as key barriers where selling pressure might intensify, potentially halting any upward movement. Conclusion and Consideration: The GBP/USD technical analysis today shows that the pair is currently in a consolidation phase within a broader downtrend. Key indicators such as the Ichimoku cloud and MACD suggest a bearish bias, while the RSI shows a neutral stance. The upcoming economic releases for the USD, particularly the Unemployment Claims and ISM Manufacturing PMI, could introduce significant volatility to the pair’s forecast. Traders should monitor these data points closely, as they could determine the pair's next direction. A break above the 1.2865 resistance could signal a potential trend reversal, while a drop below 1.2827 could confirm the continuation of the bearish trend. Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. FXGlory 08.01.2024
USDJPY H4 Technical and Fundamental Analysis for 08.02.2024 Time Zone: GMT +3 Time Frame: 4 Hours (H4) Fundamental Analysis: The USD/JPY currency pair reflects the exchange rate between the US Dollar (USD) and the Japanese Yen (JPY). Today, the USD is poised for significant volatility with key economic releases including Average Hourly Earnings, Non-Farm Employment Change, and the Unemployment Rate. The Average Hourly Earnings forecast is at 0.3%, which is a leading indicator of consumer inflation. A higher-than-expected figure is positive for the USD. The Non-Farm Employment Change forecast stands at 176K, indicating potential job growth. The Unemployment Rate is forecasted at 4.1%, and a lower-than-expected figure would be favorable for the USD. These indicators are crucial as they impact consumer spending and overall economic health, which traders will scrutinize closely. Price Action: The USDJPY pair analysis on the H4 timeframe shows a clear bearish trend. The price has been consistently moving within a descending channel, highlighted by lower highs and lower lows. Recently, the price has tested the lower boundary of the channel, indicating continued bearish pressure. The presence of red candlesticks dominates, confirming the downward momentum. Traders should note the current consolidation near the lower channel line, which might suggest a potential pause or reversal, but the overall trend remains bearish. Key Technical Indicators: Moving Averages (MA 17 and MA 9): The 9-period MA is below the 17-period MA, indicating a bearish trend. This alignment supports the downward price movement observed in recent sessions. The convergence and subsequent crossing of the MAs have reinforced the selling pressure. Parabolic SAR: The Parabolic SAR dots have shifted above the candles, signaling a bearish trend. Despite a brief change indicated by two spots below the candles, the last three dots have switched back above, confirming the resumption of the bearish trend. MACD (Moving Average Convergence Divergence): The MACD line has crossed below the signal line, indicating bearish momentum. The histogram supports this with increasing negative values, suggesting that the selling pressure is intensifying. This bearish crossover aligns with the overall downward trend of the pair. Support and Resistance: Support: Immediate support is located at 148.514, a level that has been tested multiple times recently. This support aligns with the lower boundary of the descending channel and a critical consolidation area. Resistance: The nearest resistance level is at 150835, which coincides with the 61.8% Fibonacci retracement level. This level has acted as a significant barrier in recent attempts to reverse the trend. Conclusion and Consideration: The USDJPY pair on the H4 chart indicates sustained bearish momentum, supported by the alignment of the moving averages, Parabolic SAR, and MACD indicators. The USDJPY price action within the descending channel suggests that the bears are still in control. Traders should consider the impact of the upcoming US economic data releases, which could introduce significant volatility and potentially alter the trend dynamics. It is crucial to monitor these indicators and adjust positions accordingly. Disclaimer: The USDJPY provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. Market conditions can change rapidly, and it is essential to stay updated with the latest information. Always consider risk management strategies and consult with a financial advisor if necessary. FXGlory 08.02.2024
EURUSD H4 Technical and Fundamental Analysis for 05.08.2024 Fundamental Analysis: The EUR/USD news analysis is set to be influenced by several low-impact news releases today, including the Spanish, Italian, French, German, and overall Eurozone Services PMI. These PMI releases are crucial as they provide insight into the economic health and business conditions in the services sector. A reading above 50.0 indicates industry expansion, while below signifies contraction. Moreover, the Sentix Investor Confidence and Producer Price Index (PPI) m/m data will further contribute to market sentiment. For the US Dollar (USD), the key events to watch are the medium-impact Final Services PMI with a forecast of 56.0, and the high-impact ISM Services PMI expected to be at 51.4. Both these indicators are critical as they reflect the economic health and business conditions in the US non-manufacturing sector. Price Action: The EURUSD pair on the H4 timeframe recently exhibited a significant bullish momentum. The price action indicates a breakout from the previous downtrend, marked by a steep rise in the past few sessions. The sharp increase in price has broken through several resistance levels, indicating strong bullish sentiment. Key Technical Indicators: Parabolic SAR: The Parabolic SAR (Stop and Reverse) indicator has placed its last spots below the candles, suggesting a bullish trend. The sharp increase in price aligns with the SAR’s indication, confirming a strong upward momentum. Alligator: The Alligator indicator, consisting of the Jaw (blue line), Teeth (red line), and Lips (green line), shows a widening of the lines. This indicates a trending market. The Lips (green) have crossed above the Teeth (red) and Jaw (blue), which supports the bullish trend and suggests that the market is waking up to a new upward direction. MACD (Moving Average Convergence Divergence): The MACD line has crossed above the signal line with the histogram showing increasing bullish momentum. This crossover and the rising histogram bars indicate a strengthening bullish trend, reinforcing the recent upward price action. Support and Resistance Levels: Support Levels: The immediate support level is at 1.0840 (23.6% Fibonacci retracement level), followed by 1.0784 (0.0% Fibonacci retracement level). Resistance Levels: The key resistance level to watch is at 1.0917, followed by 1.0960 (61.8% Fibonacci retracement level). Conclusion and Consideration: The EURUSD H4 chart exhibits a robust bullish trend driven by strong upward price action and supported by key technical indicators such as Parabolic SAR, Alligator, and MACD. The market’s recent breakout from the downtrend signals potential for further gains. However, traders should consider the upcoming economic news releases for both EUR and USD, which could introduce volatility and impact the price direction. Disclaimer: The EURUSD provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. Market conditions can change rapidly, and it is essential to stay updated with the latest information. FXGlory 05.08.2024
AUDNZD H4 Technical and Fundamental Analysis for 06.08.2024 Time Zone: GMT +3 Time Frame: 4 Hours (H4) Fundamental Analysis: The AUD/NZD currency pair represents the exchange rate between the Australian Dollar (AUD) and the New Zealand Dollar (NZD). The recent economic data from both countries indicate potential influences on this pair. Australia's economic releases, including Retail Sales and Trade Balance, show a robust economic environment. Higher-than-expected Retail Sales figures suggest strong consumer spending, which is positive for the AUD. On the other hand, New Zealand's employment data, such as the Unemployment Rate and Employment Change, also show positive trends, which can strengthen the NZD. However, given the overall economic conditions and central bank policies, the AUD appears poised for a bullish movement against the NZD. Price Action: The AUDNZD pair analysis on the H4 timeframe shows a potential end to the recent bearish trend. The price has broken out of a descending trend line, suggesting a possible reversal or a pause in the bearish momentum. The candlestick pattern indicates a recovery, with green candles emerging after hitting a significant support level. Key Technical Indicators: MACD (Moving Average Convergence Divergence): The MACD indicator shows a bullish crossover, where the MACD line has crossed above the signal line, indicating a potential shift to bullish momentum. The histogram also supports this with increasing positive values, suggesting that the buying pressure is intensifying. RSI (Relative Strength Index): The RSI has recovered from the oversold area, moving above the 30 level, which signals the end of bearish momentum and the start of a potential bullish run. Support and Resistance: Support: Immediate support is located at 1.08555, a level that has been tested recently and held firm, indicating strong buying interest at this level. Resistance: The nearest resistance level is at 1.09416, which coincides with recent highs and the breakout area of the descending trend line. Conclusion and Consideration: The AUDNZD pair on the H4 chart indicates a potential bullish reversal, supported by the MACD and RSI indicators. The breakout of the descending trend line and the price recovery from the support level of 1.08555 suggest that the bulls might be taking control. Traders should consider this bullish scenario and look for buying opportunities on retracements, particularly around the 1.08555 support area. Monitoring upcoming economic releases from both Australia and New Zealand will be crucial, as they can introduce significant volatility and potentially alter the trend dynamics. Disclaimer: The AUDNZD provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. Market conditions can change rapidly, and it is essential to stay updated with the latest information. Always consider risk management strategies and consult with a financial advisor if necessary. FXGlory 06.08.2024
EURCAD H4 Technical and Fundamental Analysis for 07.08.2024 Time Zone: GMT +3 Time Frame: 4 Hours (H4) Fundamental Analysis: The EURCAD currency pair represents the exchange rate between the Euro (EUR) and the Canadian Dollar (CAD). Recent economic data from both the Eurozone and Canada indicate potential influences on this pair. Euro (EUR) German Industrial Production m/m: The latest data shows an increase of 1.0%, a significant recovery from the previous -2.5%. This indicates a rebound in Germany's industrial sector, which is positive for the EUR. German Trade Balance: The trade balance stands at 21.7B, slightly below the previous 24.9B. While this shows a slight decrease, the large surplus continues to support the EUR. Canadian Dollar (CAD) Ivey PMI: The latest figure is 60.0, lower than the previous 62.5. A PMI above 50 generally indicates expansion, but the drop suggests a slowing pace of growth, which could weaken the CAD. BOC Summary of Deliberations: The Bank of Canada's recent deliberations will provide insight into future monetary policy, which is crucial for the CAD's strength. Any dovish tone could negatively impact the CAD. Price Action: The EURCAD pair has been through a bearish phase and is currently testing a significant support zone around the 1.50000 level. This area is crucial as it has held in the past, providing a potential floor for the pair. Key Technical Indicators: MACD (Moving Average Convergence Divergence): The MACD indicator shows that although the trend has been bearish, the MACD line is trending higher, suggesting decreasing bearish momentum. The histogram supports this with declining negative values. RSI (Relative Strength Index): The RSI is in a neutral area, around 40, indicating that the pair is not currently oversold or overbought. This suggests that the current price level is a potential point of consolidation or reversal. Support and Resistance: Support: Immediate support is located at 1.50000. This level is critical as it has been tested recently and held firm, indicating strong buying interest. Resistance: The nearest resistance level is at 1.50313, followed by 1.49961, which aligns with recent highs and the descending trend line. Conclusion and Consideration: The EURCAD pair on the H4 chart indicates a potential consolidation or reversal at the 1.50000 support level. The MACD and RSI indicators suggest that the bearish momentum might be waning, offering a possible opportunity for bulls. Traders should monitor this support area closely for potential buying opportunities, especially if the pair holds above 1.50000. Upcoming economic releases from both the Eurozone and Canada will be crucial, as they can introduce significant volatility and potentially alter the trend dynamics. Disclaimer: The EURCAD provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. Market conditions can change rapidly, and it is essential to stay updated with the latest information. Always consider risk management strategies and consult with a financial advisor if necessary. FXGlory 07.08.2024
USDCAD H4 Technical and Fundamental Analysis for 09.08.2024 Time Zone: GMT +3 Time Frame: 4 Hours (H4) Fundamental Analysis: The USDCAD currency pair is influenced today by significant economic data releases from Canada. The Canadian Employment Change report shows an increase of 26.9K jobs, which is higher than anticipated, signaling a strengthening labor market. Concurrently, the Canadian Unemployment Rate is reported at 6.5%. These figures indicate a robust economic environment in Canada, which could bolster the CAD against the USD. Traders will likely monitor these figures closely, as they could lead to increased volatility in the USDCAD pair. On the US side, no major data releases are expected, leaving the CAD's strength as the primary driver for today’s market moves. Price Action: On the H4 timeframe, USDCAD is currently exhibiting bearish momentum, following a breakdown from an ascending channel. The USDCAD price has moved lower after reaching a peak around 1.3938, and it is now hovering between the 50% and 61.8% Fibonacci retracement levels. The formation of lower highs and lower lows within the descending channel suggests continued bearish pressure. The recent candles show consolidation, indicating a potential pause or retracement before the next directional move. Key Technical Indicators: Alligator Indicator (Lips - Green, Teeth - Red, Jaws - Blue): The Alligator indicator shows the Lips below the Teeth and the Teeth below the Jaws, confirming the bearish trend. The widening of these lines further supports the continuation of the downtrend, with the current price action adhering closely to this structure. MACD (Moving Average Convergence Divergence): The MACD histogram is below the zero line, and the MACD line is slightly below the signal line, indicating bearish momentum. The declining histogram bars suggest weakening bearish strength, which could indicate a potential for short-term consolidation or a minor bullish retracement. %R (Williams %R): The %R is currently near the oversold region at -68.96. This suggests that the pair is approaching an area where a bullish correction might occur, although the strong downtrend could limit any significant upside movement. Parabolic SAR (Stop and Reverse): The Parabolic SAR has recently placed dots below the candles, indicating a potential shift in momentum. However, given the prevailing downtrend and the positioning of other indicators, this could be a short-lived retracement unless supported by stronger buying pressure. Support and Resistance: Support: Immediate support is seen at the 1.3700 level, which aligns closely with the 61.8% Fibonacci retracement. A break below this could see the price moving towards the next significant support at 1.3600. Resistance: The nearest resistance is at 1.3775, aligning with the 50% Fibonacci retracement. A move above this level might encounter further resistance at 1.3830. Conclusion and Consideration: The USDCAD pair on the H4 chart currently reflects a bearish outlook, with strong downtrend indicators and critical price levels being tested. Traders should closely watch the 61.8% Fibonacci retracement level for potential price reactions. The Canadian employment data suggests underlying strength in the CAD, which could continue to weigh on the pair. However, the potential for a minor bullish correction exists if the pair finds support at current levels. Disclaimer: The provided analysis for USDCAD is for informational purposes only and does not constitute financial advice. Market conditions can change rapidly, and it is essential for traders to conduct their own research before making trading decisions. Consideration should be given to the potential risks involved in trading financial instruments. FXGlory 09.08.2024
