Market Overview - Silver is looking bullish!
SILVER/USD - Silver is looking bullish. As expected we rejected the monthly demand zone and the 88,6% fibonacci level, we can also see an inverted hammer on the wednesday daily candle and a bullish cypher formation. I've entered a long position from 16.35 but I will watch the daily close carefully, this could just be a retest on the broken trendline before another test to the downside, time will tell.
GOLD/USD - We've had a nice ride to the downside the last 2 weeks, I was in a short trade from 1275 with the TP on 1220. I expect a pullback, possibly a trendline retest before further downside to 1200. Right now I'm looking at possible shorts from 1250, but we will see what the market is telling us.
USD/JPY - I'm currently short from 113.80 down to the hourly trendline as you can see on the chart. I think we could see a possible break on that trendline to retest 113-112,70 area before further upside. Will watch this pair closely next week for a possible long.
USD/CAD - This pair has been playing with some emotions this week, it did break the ascending trendline but has been in a consolidation ever since. We're bouncing between 1.3650 and 1.3750. I expect this pair to make a movement to the downside next week or even later today. I will look for setups when we break the consolidation box.
GBP/USD - I've expected some downside for this pair now for the past two weeks since we've had some divergence. Yesterday we did break the ascending trendline and today we went for a pullback. I'm short from 1.2880 with my take profit down at 1.2780 before the 1.2774 structure and support.
GBP/AUD -I have been in a short trade since yesterday morning, just closed it with 185 pips in profit. Now I'm looking for a confirmation for a long position from 1.7360, but first I want to see that we reject the trendline properly and make some kind of reversal pattern. The first target for any long trade is 1.7600.
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Kind Regards, Crank420