Thread: Look at these charts this week

USDCAD

Monday’s price action and the current price at 98.725 likely means the direction of the index on Tuesday will be determined by trader reaction to yesterday’s high at 98.770. The upside momentum is strong so we’d like to see the trend confirmed by a new higher-high.

EURUSD

The Euro initially tried to bounce a bit during the trading session on Monday as traders came back to work, but it appears that we are going to continue to see a lot of negativity when it comes to the Euro.

EURGBP


The UK After Brexit
Finally, it happened: on January 31, 2020, the UK officially left the European Union.

GBPUSD

The British pound is having a quiet week, but traders should be prepared for stronger movement, with the release of Preliminary GDP at 9:30 GMT. We’ll also get a look at manufacturing production, a key event.

USDJPY

Federal Reserve Chairman Jerome Powell appears before Congress on Tuesday to begin two days of testimony and is expected to reiterate that the U.S. economy is doing well but that rates stay low given subdued inflation. This should be enough to support demand for higher-yielding assets.

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Originally Posted by Chakma Gilbert

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Gas


​With traders generally looking a week to two weeks into the future, this week’s trading action will likely be influenced by the weather forecasts for February 22-26 and February 28 to March 1.

Gold


​Based on Friday’s close at $1586.90, the direction of the April Comex gold market early next week is likely to be determined by trader reaction to the uptrending Gann angle at $1586.80 and the main retracement zone at $1581.20 to $1590.30.

Silver


​Silver markets have shown significant support just below, as we have bounced from a major trend line. By doing so we ended up forming a bit of a hammer and that is a good sign.