Is the bullish game finally over after 8 years?
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Since Sept 2012 till now, that is how long the bullish move has been for this pair. In between, there were many ups and down. Overall, if you had bought into this pair and hold till today, you would have made over 3000 pips. The peak was at Jan 2016 where a gain of 5000+ pips could be made.
But more importantly, the recent US- IRAN case that causes oil commodity to shoot up nearly to 70 dollars at one point and the uncertainty of a possible war torn between this 2 countries rock the stock market and causes it to fall.
The most affected currency will be the USDCAD pair as it is negatively correlated to Oil. That is, if Oil prices go up, then USDCAD will fall and vice versa.
Currently, it is at a crucial support zone around 1.29746. Next week, we might see some correction to the upside and await more news on the US-IRAN case before we know will it continue to head south.
Based on Oil chart, I am of the opinion that the chance to fall through the support and head towards 1.27849. That is another 1900 pips to be made if my analysis is right.
Let's monitor this chart closely from next week onwards as this is a tense period between the two countries.
But more importantly, the recent US- IRAN case that causes oil commodity to shoot up nearly to 70 dollars at one point and the uncertainty of a possible war torn between this 2 countries rock the stock market and causes it to fall.
The most affected currency will be the USDCAD pair as it is negatively correlated to Oil. That is, if Oil prices go up, then USDCAD will fall and vice versa.
Currently, it is at a crucial support zone around 1.29746. Next week, we might see some correction to the upside and await more news on the US-IRAN case before we know will it continue to head south.
Based on Oil chart, I am of the opinion that the chance to fall through the support and head towards 1.27849. That is another 1900 pips to be made if my analysis is right.
Let's monitor this chart closely from next week onwards as this is a tense period between the two countries.
Note
Price has retreated strongly after the plunge on 31 Dec 19, from 6 Jan onwards, it keep charging up. Now it meets with some resistance and probably goes sideway next week. No action takenNote
Pay attention now and compare the chart with AUDJPY where the plunge was severe and the pullback was fierce as well. So, we might see a replay here as well. The fall of the red candle on 31 Dec has now been fully retraced.Note
Notice the price action has returned back to the bullish trend line and is a V shaped pullback , meaning strong buyers are pushing the price back up.Note
once again, we are watching this pair again. Once it breaks down, pull back , we are going to sell it
Clause de non-responsabilité
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