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Cable Closed Above Its 200-Day Average

Published 01/28/2019, 06:24 AM
EUR/USD
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GBP/USD
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USD/CAD
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We take a look at the daily charts of EUR/USD, GBP/USD and USD/CAD to highlight key levels and patterns.

EUR/USD Daily

  • The false break of a corrective channel keeps euro rangebound once more.
  • A bullish piercing pattern marks strong support around 1.1300.
  • 1.15 (round number) and 1.1570 highs are back in focus for bulls over the near-term.

EUR/USD Daily Chart

GBP/USD Daily

  • The Cable closed above its 200-day average (first time since May) and sits at a 3-month high.
  • However, prices appear stretched as it trades beyond the upper Keltner.
  • Look for prices to stabilize before entering long, or find support near the broken retracement line or 200-day MA.

GBP/USD Daily Chart

USD/CAD Daily

  • Its most bearish session in 4-months on Friday saw the pair break out of its corrective channel.
  • The retracement stalled at the 38.2% Fibonacci level.
  • With a lower high in place, we’re now looking for a break beneath the 1.3160/80 support zone.

USD/CAD Daily Chart

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