USD/CAD: Double top at the 76.4% Fibo

The 76.4% Fibo usually acts as a good support or resistance zone. On the daily chart of the USD/CAD we can see that the price has already visited the 76.4% Fibonacci Retracement and it has bounced twice to the downside, creating a “double top” formation. From this zone, the price may continue falling towards the 61.8% Fibo, which coincides with the 200 day exponential moving average, around the 1.3068 level. Below that zone, the 50% Fibo along with the 1.3000 level and the 55 day EMA may also act as support. To the upside, above the 76.4% Fibo, the 1.3200 level may act as resistance.

Triangle breakdown on gold

Since the end of June, the price of gold has created what it is known as a symmetrical triangle on the daily chart. A few days ago the price of gold dropped to the lower part of the triangle, but it stalled momentarily around the 55 day EMA on the 1322 level. The bearish momentum accelerates and the price breaks out of the triangle. The 1300 level may act as support, but there is a more important support zone between the 1253 level and the 1264 level. If the price goes back up and enters the triangle, then it may go and visit the upper trendline of the triangle, but since we are analyzing the commodity on the daily chart, then such scenario may take a few more days before developing.

Good bullish pullback on the GBP/JPY

The GBP/JPY has made a pattern known as the cup with handle, but the handle has not formed yet. The price has retraced 100% to the 135.00 area, which is a price action movement also known as a parabolic retracement. If the price breaks above the 135.00 level, then it may go and visit the 55 day EMA, around the 136.52 level. Above the 55 day EMA, the 139.00 level may also act as resistance. In case of a bearish bounce, the 132.00 level may act as support or the low at the 128.67 level.

Oil continues consolidating

Oil had a good rally and the MACD indicator is showing us that the bullish trend is still in place but it is losing strength due to the recent consolidation around the 47.00 level on WTI Oil. The range of the consolidation is getting tighter and it could be forming a symmetrical triangle or a pennant from where the price may come out in any direction. If the price continues going higher, then the 50.00 level may act as resistance, but if it breaks to the downside and drops below the 46.00 level, then the 44.00 level may act as support, along with the 200 day exponential moving average.

Good pullback on the Dollar index

The Dollar index has been weakening since a couple of weeks ago, but it has found some good support on the 94.00 zone and bounces to the upside as shown on the daily chart. Janet Yellen’s speech at Jackson Hole and some comments by key FED members have supported the Dollar and that is why we see that the index has gained some bullish momentum and it accelerates towards the 200 day exponential moving average, around the 95.74 level, but it is possible for that zona to become resistance from where the Dollar may bounce again to the downside. Above the 200 day EMA, its next resistance could be the 96.59 level followed by the high at the 97.62 zone. To the downside, the 95.00 level may act as its first support, followed by the low at the 94.00 level.

Will gold go back up?

On the daily chart of gold we can see that the price stays inside the symmetrical triangle that we identified a few days ago. The price is currently visiting the 55 day exponential moving average, which could act as support. Just below the 55 day EMA, around the 1322 level, we can see the lower trendline of the triangle, making this zone a much relevant support area. But if the price breaks below the 55 day EMA, then the bearish momentum may accelerate towards the 1300.00 level. To the upside, if the prices bounces and rallies again, then the bullish momentum may accelerate and the price of gold may try to break out of the triangle to the upside.

NZD/USD: Bullish pressure accumulates

On the weekly chart of the NZD/USD we can see that the price has reached a very good resistance zone just below the 200 week exponential moving average, which is around the 0.7382 level. The lows of the recent weekly candles have been higher than the previous ones, indicating that the pressure is accumulating to the upside. There is a higher chance of seeing a bullish breakout and if the price breaks above the 200 week EMA, then it may try to go and visit the 0.7382 level. To the downside, the low around the 0.6947 level may act as support.