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GBP/USD Crosses Below 50 EMA – Brace for a Sell Position! 

The GBP/USD currency pair failed to stop its 3-day losing streak and dropped to 1.2212 and represented 0.09% losses on the day as the BOE Governor Andrew Bailey’s recent indication about negative rates weighed on the Cable. Moreover, the reason for the pair declines could also be attributed to the broad-based U.S. dollar strength in the wake of intensifying US-China tussle. The GBP/USD is trading at 1.2220 and consolidating in the range between 1.2201 and 1.2239. However, the traders will be cautious to place any strong position ahead of the U.K. Retail Sales data.

GBP/USD Breaks Below Double Bottom – Quick Green Pips!

The GBP/USD currency pair extended its previous day losing streak and hit the multi weeks low near below the 1.2700 level. The GBP/USD hit a multi-day low the previous day after the Bank of England (BOE) Governor Andrew Bailey delivered downbeat comments and UK PM Boris Johnson announced activity restrictions to control the coronavirus (COVID-19) resurgence risk. Apart from this, the losses in the currency pair were further bolstered by the reports suggesting that the U.K.'s virus-lead deaths raised to a 2-month high, which fueled the worries about the U.K. economic recovery and undermined the GBP currency.

USD/CAD Bearish Engulfing Continues to Drive Selling! 

During the early European trading session, the USD/CAD currency pair failed to stop its previous day bearish run-up and dropped to 1.3570 from the 1.3617 level, mainly due to the broad-based U.S. dollar weakness backed by the risk-on market sentiment. As well as, the reason for the pair declined could also be attributed to the upticks in crude oil, which underpinned the commodity-linked currency the loonie and contributed to the pairs declines. 

USDSEK- Consolidation

01 USDSEK Daily chart price consolidation 

GBP/USD Succeeded to Stop Losing Streak – Quick Update on Signal!

During the Friday's early European trading session, the GBP/USD currency pair managed to stop its early-day declining streak and recovered from the daily lows of 1.2883 to the 1.2925 level mainly due to the fresh optimism about the Brexit deal, triggered by the report suggesting that the European Union (E.U.) and the U.K. policymakers are ready to extend talks, which eventually helped the currency pair to limit its deeper losses.

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 Breaking Below Double Bottom Support – Quick Outlook! 

The USD/CAD pair was closed at 1.32564 after placing a highof1.33404 and a low of 1.32548. The USD/CAD pair dropped and removed all of its previous day's gains on Wednesday amid broad-based U.S. dollar weakness and increasing crude oil prices. The U.S. dollar weakness was due to Trump's latest U-turn on Wednesday's previous day's statement. The U.S. President Donald Trump backed his statement of halting the negotiations with Democrats because of continuous disagreement between both parties over the stimulus measure's size. However, a day after that, Trump again called for more aid to Americans from U.S. congress as airlines and other small businesses were facing huge crises. 

AUD/USD Get Ready for Bullish Correction – Buy Signal Update! 

The AUD/USD pair was closed at 0.76630 after placing a high of 0.77636 and a low of 0.76432. The AUD/USD pair reversed its direction on Wednesday and started posting losses for the day due to rising US dollar demand and risk-averse market sentiment. The risk-sensitive Australian dollar suffered on Wednesday as the risk-off market environment started to emerge over the rising concerns of the negative impact of current lockdown restrictions in many nations. The total number of coronavirus cases worldwide reached 100 million and was rising day by day that raised global economic concerns despite the vaccine rollout. These concerns added to the risk-off market sentiment and weighed on the risk perceived Aussie that ultimately dragged the AUD.USD pair on the downside on Wednesday.

Gold’s Choppy Session Continues – Trader’s Brace for a Breakout 

The yellow metal prices failed to stop its previous day losing streak and dropped to 1,923.20 level mainly due to the broad-based U.S. dollar strength, backed by the upbeat prints of the NFIB Small Business Index and anti-risk moves. However, the broad-based U.S. dollar strength could be considered as one of the main reasons behind the yellow-metal latest weakness. 

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.

EUR/JPY Downward Channel Drives Green Pips – Qucik Update on Signal!

The EUR/JPY extended its previous session losing streak and dropped below 119.785 level, mainly due to increased safe-haven demand of Japanese yen. The reason for the EUR/JPY pair declines could also be attributed to the risk-off market sentiment underpinning the safe-haven Japanese yen and contributing to the currency pair gains. 

EUR/JPY Descending Triangle Pattern – Quick Update on Signal

The EUR/CHF is trading in a selling channel, having dropped from 1.0520 level heading to test the triple bottom support zone of 1.0509. The demand for safe-haven appears to have increased due to the increased number of coronavirus cases around the globe. The strength of the single currency Euro is also keeping the pair supported. Most of the selling in the single currency euro rise in the wake of the dovish ECB monetary policy stance in the wake of the COVID19 crises.  

GBP/USD Supported Over Double Bottom – Buy Signal Update! 

The GBP/USD is trading at 1.3692, and it has closed a Doji candle on the four hourly timeframes, and it may extend a bearish correction in the GBP/USD pair. On the lower side, the support stays at 1.3636 and resistance at 1.3692 and 1.3720 today. The GBP/USD pair’s 10 & 20 periods EMA is supporting bullish bias in the Sterling. The MACD and RSI support bullish bias; therefore, bullish bias dominates over the 1.3646 level today.

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.

AUD/JPY Gains Support Over Double Bottom – Is It Worth Holding...

The AUD/JPY pair traded bearish, falling from 79.77 level to trade low at 79.50. On the lower side, the AUD/JPY may find support at the 79.50 level, and a bearish breakout of this level can extend selling bias until the 79.14 level. The 10 & 20 periods EMA are supporting selling bias, along with the 50 MACD and RSI indicators. Let's follow a trading plan below:

AUD/USD Set to Complete ABCD Pattern – Buying Signal! 

The AUD/USD pair was closed at 0.71174 after placing a high of 0.71365 and a low of 0.70445. Overall the movement of the AUD/USD pair remained bullish throughout the day. On Wednesday, the AUD/USD pair posted the biggest gain since October 09 amid the broad-based US dollar weakness and the improved risk sentiment due to US stimulus package talks' developments.

USD/JPY Violated Downward Trendline – Quick Update on Signal! 

The USD/JPY currency pair managed to extend its previous session gains and took further bids around well above the mid-105.00 level after posting a one-week low of 104.95 on Friday. However, the currency pair's sentiment was being supported by the upbeat market mood, which tends to undermine the safe-haven Japanese yen and contributed to the currency pair gains. Apart from this, the Bank of Japan (BOJ) Governor Haruhiko Kuroda shared a negative picture over Japan's economy and inflation, which added further pressure on the Japanese yen and provided a further boost to the currency pair. 

AUD/USD Breakout of Ascending Triangle Pattern – Is It Going After...

The AUD/USD prices have exhibited sharp bullish bias during the European and the U.S. session in the wake of stronger Aussie. The AUD/USD pair is currently holding around 0.6609. Meanwhile, the minutes of the Reserve Bank of Australia revealed that the Central Bank admitted that the Australian economy was set to experience a contraction due to coronavirus pandemic. Bank also believed that fiscal and monetary measures would reduce the impact of the virus crisis on the economy. 

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.

EUR/USD Bullish Bias Continues – Upward Trendline Support!

The EUR/USD currency pair extended its previous day winning streak and took bids around the 1.1311 level, mainly due to the fresh risk-on market sentiment, which undermined the broad-based US dollar and contributed to the currency pair gains. The reason for the upticks in the currency pair could also be attributed to the report that the Spanish government officials are considering pledging as much as EUR50 billion in additional loan guarantee, which underpinned the shared currency and provided support to the major. 

AUD/USD Upward Channel Supports – Choppy Session in Play!

The AUD/USD was closed at 0.72998 after placing a high of 0.73393 and a low of 0.72887. After placing gains for two consecutive days, the AUD/USD pair was declined on Tuesday amid the risk-off market sentiment. On Tuesday, the Assistant Governor of Reserve Bank of Australia, Dr. Kent, said that the Aussie's recent rise was due to the optimistic news of the coronavirus vaccine rather than about the US Presidential election outcome. He said that any positive news about vaccine development would be a good thing for the global economy, including the Australian economy.

How to Correctly Evaluate Forex Signals Prior to Using Them

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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.

Gold’s Upward Channel Supports Buying – Checkout Buying Signal

The yellow metal prices extended its bullish overnight rally and still taking bid around above the 1,950 level. Let me remind you that the fall in U.S. tech stocks initially boosted the safe-haven metal's rise during the previous session, pulling it up from a low of $1,927.20 to an overnight high of $1,959.35. 

AUD/JPY Heading North to Complete 50% Fibonacci Retracement! 

Today in the early European trading session, the AUD/JPY extended its previous session bullish trend and took further bids around an intraday top closer to 75.10 level, mainly due to the risk-on market sentiment, backed by the on-going optimism over treatment for the highly infectious coronavirus. 

USD/JPY Breaking Above Downward Channel – Update on Signal!

During Monday's European trading session, the USD/JPY currency pair succeeded in stopping its early-day losses and took some modest bids above the 107.00 marks. However, the currency pair is trading with a mild bullish bias mainly due to the risk-on market sentiment triggered by incoming positive economic data, which raised hopes of a swift economic recovery and remained supportive of the upbeat market mood. However, the risk-on market sentiment undermined the safe-haven Japanese yen and provided a modest lift to the USD/JPY pair.

Hard Luck with AUD/USD Signal – What’s Next?

The AUD/USD extended its early-day gains and hit the intra-day high of 0.7069 marks mainly due to the broad-based U.S. dollar weakness. That was sponsored by the downbeat U.S. unemployment claims data, which fuel the fears that the U.S. economic recovery is failing. Apart from this, the market risk-on sentiment also undermined the safe-haven U.S. dollar and contributed to the currency pair gains. Across the pond, the gains in the S&P 500 futures, backed by the optimism over the coronavirus (COVID-19) vaccine/treatment, also lend further support to the currency pair.

GBP/USD Slips Below Double Top – Quick Update on Signal!

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AUDUSD Breaks its Intraday Support

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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. 

EUR/USD Breaks Above Downward Channel – Who’s Up for Buy Signal? 

During the European session, the EUR/USD pair flashed red and dropped to 1.1230 before bouncing off towards the 1.1270 level. The broad-based U.S. dollar just started to erase its early-day losses and gained some bullish traction due to the risk-off market sentiment, which also exerted some downside pressure on the currency pair. 

EUR/JPY Breaks Below Descending Triangle – Brace for Selling! 

The EUR/JPY failed to extend its early-day bearish moves and rose well above 119.820 support levels, mainly due to bullish correction. It seems like a sharp rise in the coronavirus cases in Europe and on-going tensions between the EU-US undermined the shared currency and kept a lid on any additional gains in the pair, at least for now. Currently, the EUR/JPY trading at 120, holding right below an immediate resistance level of 120.193. However, the hopes of the European Union (E.U.) Recovery Fund deal kept the positive tone around EUR/JPY pair high.

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.

USD/JPY Bearish Engulfing & 50 EMA Crossover Signals Sell – Who’s...

The USD/JPY pair was closed at 107.195 after placing a high of 107.450 and a low of 106.829. Overall the movement of the USD/JPY pair remained bullish throughout the day. The USD/JPY jumped to fresh weekly high around 107.45 regions on the back of increased demand for the US dollar despite the risk-off market sentiment.

Gold Extend Previous Day Bullish Rally – Risk-On Market Sentiment!

During Tuesday's Asian trading session, the yellow metal prices extended its previous day winning streak and edged higher on the 2nd-day of a new week. However, the bullish sentiment around the yellow-metal prices has remained supportive by the prevalent selling bias surrounding the U.S. dollar. The losses in the U.S. dollar was seen as one of the key factors that helped the dollar-denominated commodity. Hence, the U.S. dollar was being pressurized by the doubts over the U.S. fiscal stimulus measures. Besides, the upbeat market mood, backed by the combination of factors, also undermined the U.S. dollar and contributed to the bullion gains. It is worth mentioning that the market trading sentiment was supported by the news suggesting that the Phase III clinical trial went very well, and the vaccine could be ready by November/December.