BLOG | March 09, 2018

Market Outlook: EUR/USD, BTC/USD, EUR/CAD, EURAUD

Technical analysis of EURUSD:

At the H4 time frame of EURUSD, we can see that previously the price had broken the neckline of a triple top and went a little down. We can consider it as a false break out. The pair has recently broken a resistance level (I have marked on the picture). Now it is in a retrenchment phase. After retrenchment, if the pair gets a bullish sign candlestick confirmation there, we can hope it will go up to the next resistance level.  Besides at the H1 chart, the price has started an uptrend recently. Now it is on a support level. Hopefully, it will go up from there.

Technical analysis of BTCUSD:

BTCUSD has recently broken the trendline and got a barrier in a resistance (I have marked on the picture). The pair was moving within a short range for a few days (from the H4 time frame). But now the pair had broken the downside of the range a couple of hours ago. If it is a false breakout, then the price might go up to the resistance level again. Or the price might go down after retrenchment. Now we have to wait for the retrenchment. If it gets bullish sign there, the price can go down. We can notice the same scenario in the Daily pattern. The pair has broken a support level today. Now it may have a retrenchment and bullish pressure to go down.

Technical analysis of Crude Oil:

Oil had previously broken the upward trendline. Then the pair was going continuously down after retesting the trendline. At present we can notice a Head and Shoulder pattern at the H4 time frame. The price is now on the neckline of the Head and Shoulder pattern. The pair may now break this neckline and go down. If it goes down for retrenchment and gets a bearish sign there, hopefully, the price will go down to the next support level. Also, the price has broken very strong support become resistance from the Daily chart. We can hope it will go down after retrenchment.

Technical analysis of EURCAD:

EURCAD price is now on a very strong resistance level. We can see an inverse Head and Shoulder pattern at the weekly timeframe of EURCAD. The pair has already broken the neckline of the pattern. Now it is going for retrenchment. Hopefully, now the price will go up after getting the bullish sign at the retrenchment. If we look at the Daily chart, there is also the price is of resistance. Recently it got a rejection from the resistance. Hopefully, it will go down to the support level.

Technical analysis of EURAUD:

EURAUD price is now following the uptrend from the H4 chart). Recently it has broken the range resistance and also retested. The pair has given a bullish sign at the retest area. So the price might go up from there. Again the pair has broken resistance at the Daily timeframe, and now it is on retrenchment. We can hope the price will go up after retrenchment. But we need to get the bullish sign at the retrenchment area first.

 

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