Daily analysis of major pairs for May 19, 2017

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Daily analysis of major pairs for May 19, 2017

Daily analysis of USD/JPY for May 19, 2017

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Overview

The USDJPY pair provided some positive trading yesterday approaching from the bearish channel's resistance. Stochastic loses its positive momentum clearly reaching the oversold areas' thresholds, and therefore supporting the chances of a bearish bounce to resume the bearish trend again. Therefore, we expect the bearish trend for today, waiting for the price to break 110.50 levels to reinforce the expectations of targeting 109.00 levels as the next main station. A breach of 112.25 will push the price to test the most important resistance in the short-term trading at 113.97 before any new attempt to decline. The expected trading range for today is between the 110.00 support and the 112.00 resistance.

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Daily analysis of GBP/JPY for May 19, 2017

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Overview

The GBPJPY pair holds above the support at 143.30, which increases the possibility of a bullish attack in the near and medium period. The price needs to surpass the moving average 55 at 144.60 to confirm domination of sideways trading and the price will be likely to record the positive targets at 145.45 and 147.00. Stochastic rallies positively above 50 levels, reinforcing our bullish suggestion and to providing new positive momentum to help the price attempt to breach the moving average 55 and reach the suggested targets. The expected trading range for today is between 143.30 and 145.45.

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Daily analysis of Gold for May 19, 2017

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Overview

The gold price shows bullish bias after testing the critical resistance at 1,547.56, where the price is affected by positivity of stochastic and the EMA50. As long as the price stays below this level, the bearish bias will remain preferred; the price is likely to test 1,229.32 levels before it returns to resume the main bullish trend. You should be aware that a breach of 1,254.56 will push the price for more gains without the expected temporary decline, reaching the next positive target at 1,295.37. The expected trading range for today is between the 1,230.00 support and the 1,260.00 resistance.

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Daily analysis of Silver for May 19, 2017

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Overview

The silver price trades upwards and begins testing 16.80 levels. Stochastic provides a positive signal that supports the chances for the continuation of the bullish trend in the upcoming sessions, thus keeping the positive scenario active for the rest of the day. Our next main target is at 17.43, while its achievement is conditioned by holding above 16.56 levels. The expected trading range for today is between the 16.50 support and the 17.00 resistance.

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USD/JPY approaching our profit target, prepare to sell

Price has bounced up from our buying entry perfectly and is on track to our profit target. We prepare to sell below major resistance at 112.08 (Fibonacci retracement, horizontal pullback resistance, Elliott wave theory) for a drop towards 110.50 support (Fibonacci extension, horizontal overlap support).

Stochastic (34,5,3) is fast approaching our 93% resistance level where we expect a drop from.

Sell below 112.08. Stop loss at 112.94. Take profit at 110.50.

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USD/CAD testing major resistance, prepare to sell

Price is now testing major resistance at 1.3653 (Fibonacci retracement, horizontal overlap resistance) and we expect a reaction from this level for a further drop to 1.3503 support (Fibonacci retracement, Elliott wave theory).

RSI (55,5,3) is seeing long term descending resistance holding price down really well.

Sell below 1.3653. Stop loss at 1.3708. Take profit at 1.3503.

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