USDCAD bulls could reach 1.3180 if they recapture 1.31.

USDCAD has mostly moved sideways over the last few trading sessions between 1.3080 and 1.3030. Price has formed a bullish flag pattern and a break above 1.3090-1.31 could open the way for a move towards 1.3180.

analytics5e23766c526ee.png

Green lines - bullish flag pattern

USDCAD has stopped the advance at the 38% Fibonacci retracement of the decline. However now I believe it is gathering power for another leg higher towards the 61.8% Fibonacci level. The bullish flag pattern target also is the same Fibonacci level and with a break above 1.3090-1.31 I believe we will see 1.3180-1.32. Support is at 1.3030 and breaking below it will cancel my short-term bullish view. The RSI is not in overbought levels and turning upwards. This is going to be a very interesting week in USDCAD.

The material has been provided by InstaForex Company - www.instaforex.com

Weekly BTCUSD analysis

Bitcoin had a second strong weekly performance while price broke above the resistance area of $8,000. Price has exited the downward sloping wedge pattern and bulls now feel more in control. However there are still many obstacles ahead in order to reach 2019 highs.

analytics5e2373d81133b.png

Red lines -wedge pattern

Bitcoin has so far two strong weeks and the most important part is that price is reversing its trend and exiting the wedge pattern from the 61.8% Fibonacci retracement level. This increases the chances of a longer-term turn around. The $7,000 price level could very well be a long-term bottom. Bulls need to continue to see prices make higher highs and higher lows. At this point it would be important for bulls to respect $6,850 and not see a price below that level. Daily trend is bullish. Next target is $9,200 and next at $11,000. Only a break above the second target will increase the chances of breaking above 2019 highs.

The material has been provided by InstaForex Company - www.instaforex.com

Ichimoku cloud indicator Daily analysis of EURUSD

EURUSD is still in bullish daily trend according to the Ichimoku cloud indicator as price remains above the Daily Kumo (cloud). However on Thursday we had a weak sell signal as the tenkan-sen crossed the kijun-sen.

analytics5e237028a31d7.png

Green lines- bullish channel

EURUSD remains inside the bullish channel and above cloud support. However the week ended badly for EURUSD as price broke below 1.11 and we have a clear cross of the tenkan- and kijun-sen. Last hope for bulls is for the cloud and channel support at 1.1060 area to hold. Breaking below this area would be a bigger and more important sell signal. Price is approaching an area of great importance and an area with high probabilities for a trend reversal to the upside. Next week will be crucial for the first quarter performance of EURUSD.

The material has been provided by InstaForex Company - www.instaforex.com

Short-term Elliott wave analysis on GBPUSD

GBPUSD started the last session of the week on a strong note but the day found the pair near the lowest of the week and with a lower weekly close relative to the previous week. Price reversed at the upper channel boundary as expected and we continue to expect the resumption of the downtrend to give us at least a new lower low below 1.29.

analytics5e236efdf1fd5.png

Red lines -expected path

Green lines -short-term bearish channel

GBPUSD remains in a bearish trend. Short-term support is found at 1.2954 and resistance at 1.3080. If support fails to hold I expect a test of 1.29 with high chances of breaking below it. The next important support after 1.29 is at the 61.8% Fibonacci retracement level. If resistance breaks above 1.3080 I believe we will most likely continue moving sideways and form a triangle pattern. In either case I do not see much upside potential for GBPUSD.

The material has been provided by InstaForex Company - www.instaforex.com