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EUR/USD Completes Retracement – Brace for a Bullish Correction! 

The EUR/USD is trading with a bearish bias today at the 1.2248 level, having violated the upward trendline at the 1.2252 level. Closing of candles below this trendline confirms a breakout, and there's a strong odd of selling trend's continuation until 1.2203. The next support may be found around the 1.2175 level below this, along with resistance at 1.2258 and 1.2313. The 50 periods EMA is likely to extend resistance at the 1.2262 level, and supporting the selling trend in the EUR/USD today; however, we are taking a buying trade as the pair is forming Doji, and it may bounce off to continue trading bullish. 

USD/CAD Bearish Bias Continues – Traders Brace for Selling Trade! 

The USD/CAD pair was closed at 1.27513 after placing a high of 1.28269 and a low of 1.27493. The currency pair USD/CAD extended its losses on Wednesday for the 3rd consecutive day amid the US dollar's weakness and rising crude oil prices. The bearish momentum surrounding the currency pair USD/CAD remained intact due to the unbeatable selling pressure around the greenback and a stronger Canadian dollar on the back of rising crude oil prices amid the improved risk sentiment in the market.

GBP/USD Bounces off Support – Quick Buy Signal Update!

The GBP/USD pair was closed at 1.36245 after placing a high of 1.36255 and a low of 1.34888. The British Pound to U.S. Dollar exchange rate climbed to weekly highs as the U.K. Parliament voted for the Brexit trade deal. Barely 24 hours before the U.K.'s final split from the European Union, Prime Minister Boris Johnson's post-Brexit trade deal won approval from the U.K. Parliament. The agreement earlier crossed the House of Commons with 521 votes in favor of 73 opposing it. The Scottish National Party (SNP) was against the bills while stating that it will harm Scotland's fishing industry and told PM Johnson that it would bolster the case for independence.

GBP/USD Ascending Triangle Breakout – Brace for Buying! 

Today in the early European trading session, the GBP/USD currency pair managed to maintain its bullish bias through the first half of the Asian session and remained bullish around above the mid-1.3500 level. However, the bullish trend was mainly sponsored by the selling tone surrounding the US dollar, which fell to fresh multi-year lows amid increasing bets about the possibility of additional financial aid in the US. Apart from this, the losses in the greenback were further bolstered after the US registered the first case of the covid variant, which instantly put doubt over the US economic recovery and undermined the US dollar. 

AUD/USD Soars Higher – Upward Channel Supports! 

The AUD/USD closed at 0.75809 after placing a high of 0.76223 and a low of 0.75570. After placing bullish moves for two consecutive days, the AUD/USD pair fell after a long weekend despite the rising risk-on market sentiment amid the rebound in the greenback. The US President Donald Trump raised the global markets on Monday after signing the coronavirus stimulus bill that was long-awaited and has been under negotiations since May. Though his demand for $2000 paychecks and removal of section 230 was currently under debate in the Senate, the US Treasury has already said to disburse $600 weekly paychecks.

USD/CAD Sideways Trading Continues – Brace to Capture Breakout! 

A day before, the USD/CAD opened at 1.28497, and it has placed a high of 1.28602 and a low of 1.28277 so far. The USD/CAD pair dropped on Monday amid the US dollar's weakness and the rising crude oil prices. The USD/CAD pair dropped on Monday on the first day of the new trading week as the market's risk sentiment was improved and supported the risk perceived Canadian Dollar. The risk sentiment in the market was high due to the latest Brexit trade-deal optimism and was further supported by the news of the US stimulus bill.

AUD/USD Upward Channel In-Play – Daily Outlook! 

The AUD/USD opened at 0.75996, and it has placed a high of 0.76185 and a low of 0.75824 so far. AUD/USD pair seemed to extend its previous gains after moving in a bullish trend for two consecutive sessions on Monday. The upward momentum in the AUD/USD pair could be attributed to the US dollar weakness and rising risk sentiment in the market after a long weekend. The main reason behind the improved risk sentiment and the US dollar weakness was the news that US President Donald Trump has signed the second stimulus relief bill on Sunday.

Gold Trade Choppy – Can Upward Channel Underpin? 

During Friday's Asian trading session, the yellow metal prices failed to extend their overnight winning streak. They edged lower around the $1,880 level mainly due to the upbeat market sentiment, which tends to undermine the yellow-metal prices as investors continuing a retreat from the safe-haven asset after progress in U.S. stimulus measures and Brexit talks. Elsewhere, the reason behind the risk-on market sentiment could also be associated with the expectations for global economic recovery on potential coronavirus vaccines. 

USD/CAD Faces Double Top Resistance – A Trade Plan to Follow!...

The USD/CAD pair was closed at 1.27217 after placing a high of 1.27504 and a low of 1.26884. The currency pair USD/CAD dropped on Thursday amid the rising crude oil prices and the US dollar weakness. The USD/CAD pair came back to declining momentum after reversing from Wednesday's high above 1.2790. The Canadian dollar benefited from a weaker US dollar and rising crude oil prices on Thursday that dragged the currency pair USD/CAD on the downside. On Thursday, the US dollar was weak across the board amid the combination of rising hopes for US stimulus, a rising number of coronavirus cases, increased bond purchases by Fed, and the disappointing jobs report from the US labor department.

AUD/USD Ascending Triangle Pattern Support – Buying Setup Looms! 

The AUD/USD closed at 0.76263 after placing a high of 0.76393 and a low of 0.75668. The AUD/USD rose above the 0.76300 level on Thursday to its highest level since June 2018 amid the broad-based weakness of the US dollar and the rising risk sentiment in the market. The risk-sensitive Aussie benefited from the market's broadly positive risk appetite that raised the Wall streets' main indexes added in the gains of AUD/USD pair. The S&P 500 and Nasdaq Composite indices hit an all-time high on Thursday and added in the risk sentiment that gave strength to risk perceived Aussie.

Gold Trades Dramatically Bullish Over Risk-off Sentiment – Quick Intraday Outlook! 

The yellow metal gold price continued to extend their previous day's bullish bias and took some modest offers around the $1,888.93 level—the bullion prices battle Wednesday's high despite a U-turn from $1,844 post-Fed. However, the modest downtrend in the yellow-metal prices was mainly tied to the optimism surrounding U.S. coronavirus (COVID-19) stimulus and the upbeat Brexit headlines, which kept the market trading sentiment positive and undermined the safe-haven metal prices. 

EUR/USD Violates Ascending Triangle Pattern – Bullish Signal In Play! 

The EUR/USD bullish bias continues to dominate the market as it's trading at 1.2225. On the higher side, the EUR/USD may target the 1.2250 level and 1.2282 resistance areas. The direct currency pair may find support at 1.2175, which is extended by a double top resistance, which now is working as a support. The MACD and RSI are supporting bullish bias along with the 50 periods EMA. We can expect a continuation of a bullish trend in the EUR/USD today.

USD/CAD Selling Bias Dominates – Sell Signal Update! 

The USD/CAD pair was closed at 1.27392 after placing a high of 1.27892 and a low of 1.26931. The currency pair USD/CAD raised on Wednesday despite the weakness of the US dollar and rising crude oil prices amid the dovish comments from Governor of Bank of Canada Tiff Macklem.

Overbought Gold Retraces Back – Is It Worth Buying?

During Wednesday's Asian trading session, the yellow metal prices extended their bullish overnight rally and remained well bids around above the $1,850 level. Let me remind you that the bullion prices surged more than $20 an ounce for their biggest one-day gain in a week. However, the bullish sentiment around the gold prices was being supported by the weaker U.S. dollar as the price of gold is inversely related to the price of the U.S. dollar. 

AUD/USD Ascending Triangle Pattern – Brace for Buying! 

The AUD/USD pair was closed at 0.75571 after placing a high of 0.75712 and a low of 0.75070. The currency pair AUD/USD rose on Tuesday amid the broad-based US dollar weakness and the RBA meeting minutes from the December meeting.

USD/CAD Bearish Bias Dominates – Descending Triangle Pattern in Play! 

The USD/CAD pair was closed at 1.26982 after placing a high of 1.27713 and a low of 1.26878. After placing gains for two consecutive days, the USD/CAD pair dropped on Tuesday amid the broad-based US dollar weakness and the rising crude oil prices.

AUD/USD Supported Over 0.7515 Level – Is It Good Time to...

The AUD/USD pair was closed at 0.75324 after placing a high of 0.75779 and a low of 0.75243. After placing gains for three consecutive days, the AUD/USD pair dropped on Monday despite the market's risk flows. After rising above the highest level since June 2018, the AUD/USD pair saw heavy technical selling in the market. The pair reached above the 0.75700 level and faced heavy selling pressure as the investors started to take profits from their trades. The profit-taking overshadowed the market's risk flows, and the pair AUD/USD continued falling on Monday. 

GBP/USD Violates Double Bottom – Sell Trade in Play! 

The GBP/USD is trading at the 1.3330 level, maintaining a narrow trading range of 1.3345 – 1.3309. A lack of high-impact economic data drives the choppy session; however, the market will be offering us labor market figures, which are expected to be worse than before, and it may drive selling in the Sterling. Technically, the bearish breakout of the 1.3309 level can extend the selling trend until the 1.3265 level, whereas a bullish breakout can lead it towards the 1.3409 mark. A choppy session can be expected until the pair violates the 1.3345 – 1.3309 range.

USD/CAD Violates Descending Triangle Pattern – Signal Update! 

During Monday's Asian trading session, the USD/CAD currency pair failed to stop its overnight losses and remain depressed around below the 1.2750 level due to the broad-based U.S. dollar weakness. The prevalent downtrend in the greenback was mainly tied to the fresh optimism over a potential vaccine for the highly contagious coronavirus disease, which kept the market trading sentiment positive and undermined the safe-haven USD dollar. Furthermore, the U.S. dollar losses were further bolstered by the renewed probabilities that the Fed will keep interest rates low for an extended period at its last policy meeting of 2020. 

AUD/USD Violates Upward Channel – Brace for a Buying Trade 

The AUD/USD pair was closed at 0.75350 after placing a high of 0.75296 and a low of 0.74254. The Australian Dollar rose to its highest level in two and a half year as investors started to bet on a successful vaccine roll-out and improving global growth. The risk-sensitive Aussie gained as much as 0.8% on Thursday and rose to its highest since June 2018 as the market's risk sentiment improved. The pair AUD/USD has gained about 6.8% this year as a rebound in China's economy has boosted China-proxy Australian Dollar demand.

Gold Signal Hit Take Profit – Risk-off Sentiment In Play! 

The yellow metal prices managed to stop its previous day losing streak and took some modest bids around well above the $1,830 level mainly due to the broad-based U.S. dollar weakness, which tends to underpin the gold prices as the price of oil is inversely related to the price of the U.S. dollar. However, the sentiment around the U.S. dollar was being pressured by the optimism over the coronavirus vaccine and the probability of U.S. economic stimulus measures, which urge investors towards riskier currencies and higher-yielding assets against the safe-haven asset.

AUD/USD Bullish Channel Underpins – Signal Outlook!

The AUD/USD pair is trading with a bullish bias at the 0.7486 level, heading upward until the next target level of 0.7520 level. The risk-sensitive AUD experienced following Britain's top medical expert urged people with notable allergies to not utilize the coronavirus vaccine from Pfizer and BioNtech as it will give them an unfavorable response. This information came in after two people were advised to have drastic consequences from coronavirus vaccine usage.

USD/CAD Sideways Channel Remains Intact – Brace to Trade Breakout! 

The USD/CAD pair was closed at 1.28179 after placing a high of 1.28332 and a low of 1.27691. The USD/CAD pair was choppy on Wednesday as it dropped to weekly lows in the early session but recovered all of its losses in the late session. The Bank of Canada released its interest rate decision on Wednesday that drove the USD/CAD pair lower in early trading hours. Later the crude oil prices and the strength of the US dollar pushed the pair higher on board.

USD/CAD Trades Descending Triangle – Traders Loom for a Breakout!

The USD/CAD pair was closed at 1.28286 after placing a high of 1.28254 and a low of 1.27678. The USD/CAD pair was raised on Tuesday due to declining crude oil prices and improving the market's risk sentiment. The risk sentiment in the market surged on Tuesday after a combination of supporting factors. The rising hopes for global economic recovery after the latest news that Great Britain has officially started using Pfizer coronavirus vaccine to treat coronavirus patients on Tuesday added to the market's risk sentiment.

USD/CHF Violates Descending Triangle Pattern – Brace for a Sell Signal! 

During Wednesday's trading session, the USD/CHF currency pair failed to stop its previous-day bearish bias and remained pessimistic around below the 0.8900 level. However, the reason for the bearish tone around the currency pair could be associated with the broad-based U.S. dollar weakness. The U.S. dollar was being pressured by the optimism over the potential vaccine for the hazardous coronavirus infection, which urges investors to retreat from the safe-haven assets. 

GBP/USD Violates Choppy Range – Brace for a Sell Trade! 

The GBP/USD pair bounced off over 1.3263 level, trading at 1.3340 level now. On the 4 hour timeframe, the GBP/USD is consolidating in between a broad trading range of 1.3406 - 1.3263. The Cable may find the next support at 1.3204 level, and below this, the next support can also be found around 1.3100 level today. On the higher side, the resistance hold around the 1.3406 mark. The 50 periods EMA also helps sell bent, while the Sterling is still seeking to close candle beneath 1.3330. If this occurs, we may see a revival of a selling bias in the GBP/USD pair. The MACD and RSI are suggesting selling bais in the pair, and we should look for selling trades below the 1.3350 level today. 

USD/CAD Breaking Below Double Bottom Level – Selling Bias in Play! 

The USD/CAD pair was closed at 1.27993 after placing a high of 1.28328 and a low of 1.27738. After posting losses for four consecutive days, the USD/CAD pair raised on Monday amid the US dollar's strength and declining crude oil prices. On Monday, the US dollar was strong in early European trade as the coronavirus cases continued to rise and lockdowns expanded that added weight on the hopes of the US economic recovery. The US Dollar Index that tracks the greenback against the basket of six other currencies raised by 0.3% to 90.993 and supported the USD/CAD pair's an upward trend.

Daily F.X. Analysis, December 08 – Top Trade Setups In Forex...

On the news front, the market is likely to remain muted in the absence of high impact events. Italian banks will be closed in observance of Immaculate Conception Day while the Frend Trade Balance, European Revised GDP q/q, and German ZEW Economic Sentiment will remain in the highlights today.

AUD/USD Breaking Below Double Bottom Level – Selling Bias in Play! 

The AUD/USD pair was closed at 0.74189 after placing a high of 0.74532 and a low of 0.73722. The currency pair AUD/USD extended its bearish moves on Monday amid the rising demand for the greenback and the improving risk-off market sentiment. The risk perceived Aussie came under fresh pressure on Monday as the rising number of coronavirus cases in the US forced many state governors to expand the restrictions that ultimately diminished the hopes of the US economic recovery and raised the appeal for risk-averse market sentiment.

USD/CAD Completes 23.6% Fibonacci – What’s Next? 

The USD/CAD closed at 1.27841 after placing a high of 1.28735 and a low of 1.27720. The USD/CAD pair extended its losses towards its lowest level since May 2018 amid the strength of the Canadian dollar against the US dollar and the rising crude oil prices. On Friday, the Canadian dollar outlook improved on the expectations that the currency will benefit from the domestic economic stimulus and the rollout of the coronavirus vaccine. On Monday, the Canadian Finance Minister Chrystia Freeland forecasted the budget deficit to hit a historic C$382 billion on coronavirus emergency aid. She also added that C$100 billion would be rolled out in stimulus once the virus came under control.

AUD/USD Upward Channel In-Play – Brace for a Buying Trend! 

The AUD/USD closed at 0.74260 after placing a high of 0.74435 and a low of 0.74100. After rising for three consecutive days, the AUD/USD pair dropped on Friday and posted small losses as it remained confined in a range between 0.74100 and 0.74400. The currency pair rose in the early trading session on Friday as it followed the previous day's trend and because of the Australian side's supportive economic data. Another factor involved in the rising AUD/USD prices in the early trading session was the improved risk-sentiment from the latest development in the coronavirus vaccine.

USD/CHF Heading North to Complete 38.2% Fibonacci Level – Brace for...

The USD/CHF trade is sharply bearish to drop until the 0.8885 level, holding above a support level of 0.8880 amid a stronger U.S. dollar. The tussle between China and the U.S. kept gaining market attention and challenged the market risk tone. As per the latest report, the Trump administration was preparing sanctions on at least a dozen Chinese officials in the wake of their alleged role in China's disqualification of elected opposition legislators in Hong Kong.

AUD/USD Upward Channel Supports Buying – Dollar Getting Weaker! 

The AUD/USD pair was closed at 0.74414 after placing a high of 0.74493 and a low of 0.73977. The AUD/USD pair advanced to its highest since August 2018 on Thursday over the broad-based U.S. dollar weakness and the rising risk sentiment in the market. The U.S. dollar saw a massive sell-off on Thursday that led the U.S. Dollar Index to fell to its 2-years lowest level at 90.50. The latest decline in the demand for the U.S. dollar was droved by the rising hopes of a second round of stimulus package by Congress.

USD/CAD Bearish Bias Seems to Halt – Eyes on U.S. NFP...

The USD/CAD pair was closed at 1.28619 after placing a high of 1.29411 and a low of 1.28519. The USD/CAD pair extended its losses for the 3rd consecutive day on Thursday due to broad-based U.S. dollar weakness and the rising crude oil prices.

USD/CHF Violates Descending Triangle Pattern – Quick Trade Setup! 

During Thursday's early European trading hours, the USD/CHF currency pair failed to stop its overnight bearish bias and remained depressed for the 3rd-consecutive session on the day. However, the reason for the bearish bias around the currency pair could be associated with the broad-based U.S. dollar weakness, triggered by hopes for additional U.S. fiscal stimulus from the U.S. Federal Reserve. Moreover, the U.S. economic recovery concerns amid intensifying coronavirus woes also exerted downside pressure on the American currency, which turned out to be one of the major factors that kept the currency pair under pressure. 

USD/CAD Bearish Continues to Dominate the Market- Sell Signal In-Play

The USD/CAD pair was closed at 1.29183 after placing a high of 1.29584 and a low of 1.29098. The USD/CAD pair dropped for the second consecutive day on Wednesday towards its lowest since October 2018 amid the broad-based US dollar weakness and rising crude oil prices.

EUR/USD Fibonacci Retracement in Play – Signal Seems to Reverse! 

The EUR/USD surged dramatically on the back of risk-on sentiment amid positive reports over the COVID19 vaccine, which dragged the pair higher above the 1.2074 level. On the higher side, the violation of the 1.2010 resistance level is now working as a support, and it can lead the pair further higher until 1..2160. The bullish bias remains dominant today, especially over the 1.2015 level. However, the EUR/USD pair has recently formed a tweezers top pattern around 1.2076, suggesting the bearish retracement's odds. In this case, the EUR/USD can also drop until the support level of 1.2017 that marks 23.6% Fibonacci retracement. Let's keep an eye on the 1.2060 support level today. 

AUD/USD Supported By Upward Channel – Brace for a Buy Trade! 

The AUD/USD closed at 0.73723 after placing a high of 0.73731 and a low of 0.73393. The increasing risk sentiment in the market due to vaccine hopes they raised the risk-sensitive Aussie in the market and supported the AUD/USD pair's upward momentum. Another factor involved in the rising AUD/USD prices on Tuesday as the US dollar's weakness.

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USD/CAD Breaking Below Intraday Support – Quick Sell Trade!

The USD/CAD pair was closed at 1.29331 after placing a high of 1.30087 and a low of 1.29277. The USD/CAD pair fell on Tuesday despite the declining WTI crude oil prices due to weak US dollar demand on the day.

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AUD/USD Violates Upward Channel – An Update on Signal! 

The AUD/USD pair was closed at 0.73435 after placing a high of 0.74070 and a low of 0.73388. The currency pair AUD/USD raised to its highest in 4 months on Monday in an early trading session due to improved risk sentiment failed to remain there for longer and reversed its direction as the US dollar Index raised.

EUR/JPY Bullish Engulfing Signals Further Buying – Quick Signal Update!

During Tuesday's early European trading session, the EUR/JPY currency pair managed to extend its overnight bullish streak and drew some further bids around closer to the 125.00 level mainly due to the market risk-on mood, which tends to undermine the safe-haven Japanese yen and contributes to the currency pair gains. Hence, the market trading sentiment was being supported by the prospects of a COVID-19 vaccine.

Gold Violates Ascending Triangle Pattern – Signal Update

The yellow metal prices succeeded in stopping its previous 3-day losing streak and recovered from monthly lows of $1,764.73 to $1,764.73 level mainly due to the broad-based U.S. dollar weakness, triggered by hopes of more monetary easing measures from the U.S. Federal Reserve. Moreover, the concerns over the economic recovery amid intensifying coronavirus cases also exerted downside pressure on the U.S. dollar, which eventually lend support to the yellow-metal prices as the weaker USD tends to make it cheaper holders of other currencies to purchase the yellow-metal. Across the pond, the mixed market trading sentiment, driven by the negative comments of Fed Chair Jerome Powell and U.S. Treasury Secretary Steve Mnuchin, lend some additional support to the safe-haven metal. In the meantime, the worsening coronavirus (COVID-19) conditions in the U.S. and Europe also keeps the gold prices bullish.