USDCAD,H4 | A symmetrical triangle chart pattern?

The material has been provided by InstaForex Company – www.instaforex.com Related Posts:Technical Analysis – USDCAD stuck at busy range; sizeable… May 22, 2023 USDCAD is edging higher today as it continues to hover…Trading Signal for GOLD (XAU/USD) for May 22-23, 2023: buy… May 22, 2023 Early in the European session, Gold (XAU/USD) is trading around…Technical […]

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Elliott wave analysis of Meta Platforms for May 23, 2023

Meta Platforms is close to completing its wave [B] correction and giving away for renewed downside pressure in wave [C]. That said, wave [B] could move closer to the ideal target at 271 before turning lower. However, wave v of C is clearly at the final stages. So, with a break below support at 229.85, […]

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Elliott wave analysis of USD/JPY for May 23, 2023

USD/JPY is in its very final part of the B-wave correction that began in mid-January after testing support at 127.22. Ideally, we will see USD/JPY test resistance at 140.33 before turning lower. As long as support at 137.42 is able to act as a floor, we should expect a little more upside to test the […]

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Forecast for EUR/USD on May 23, 2023

EUR/USD Yesterday, the US stock market closed mixed, bond yields slightly increased, and as a result, the euro did not extend the corrective growth that started on Friday. Nevertheless, the day closed with a white candlestick above the level of 1.0804, and the signal line of the Marlin oscillator continues to rise, suggesting that we […]

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Forecast for GBP/USD on May 23, 2023

GBP/USD Yesterday’s range was limited to 56 pips, with the MACD indicator line acting as support from below and the balance indicator line from above. The price has settled below the level of 1.2443. The Marlin oscillator is maintaining neutrality in negative territory. The pound could trade lower, in order to do so, it needs […]

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Forecast for USD/JPY on May 23, 2023

USD/JPY On Monday, the USD/JPY pair not only led gains among major currencies (0.48%), but also surpassed the resistance of the embedded line of the price channel, which it had been persistently striving for three days. The nearest target of 139.40 is available, and the September 22, 2022 low, at 140.35, serves as the target […]

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US stock market closed mixed, Dow Jones down 0.42%

Traders are monitoring the development of the situation around the country’s public debt. The White House and Republicans, who control the House of Representatives in Congress, continue negotiations to raise its maximum ceiling. Speaker of the US House of Representatives Kevin McCarthy said earlier that he would meet with President Joe Biden on Monday for […]

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USD/CAD needs more bullish energy

The USD/CAD pair changed little in the short term and now is trading at 1.3504 at the time of writing. Technically, the current sideways movement could represent a consolidation. The rate needs to attract more buyers before resuming its growth. Fundamentally, the Canadian retail sales data came in mixed. The Retail Sales indicator reported a […]

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USD/JPY: downside reversal invalidated

The USD/JPY pair is bullish despite temporary retreats. It’s trading at 138.57 at the time of writing and it seems determined to hit new highs. Still, an upside continuation needs confirmation. Today, the Core Machinery Orders reported a 3.9% drop versus the 0.5% growth estimated. Tomorrow, Japan is to release BOJ Core CPI and Flash […]

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Trading plan for EUR/USD on May 23. Simple tips for beginners

Analysis of Monday trades EUR/USD 30M chart The EUR/USD currency pair traded in a very tight range on Monday. In the previous review, we predicted a dull Monday, and that’s what really happened. Even three speeches by Federal Reserve Committee members or Treasury Secretary Janet Yellen did not manage to sparkle any significant movement in […]

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Morgan Stanley analyst doubts futher stock market rally

Michael Wilson from Morgan Stanley has warned that the recent stock rally was false. Mr. Wilson was the one who predicted an approaching market downturn in 2022, which earned him the top spot in last year’s Institutional Investor survey. Obviously, the expert has retained his bearish outlook on the market, despite the S&P’s 9% growth […]

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Gold weakens as USD strengthens

Gold is falling against the backdrop of the strengthening US dollar. One would expect even further decline, but prolonged negotiations on the US debt limit and a more relaxed rhetoric from the Federal Reserve System are very opportune for the precious metal as a safe-haven asset. By the time of writing, gold futures on COMEX […]

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May 22, 2023 : EUR/USD Intraday technical analysis and trading plan.

The EUR/USD pair fell to 0.9600, a level not seen since 2002, and then rebounded strongly, especially near this critical support level. The next resistance level at 1.0100 did not deter the bulls, who lifted the prices higher along the bottom of the shown movement channel. This led to reaching new bullish targets at 1.0250, […]

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May 22, 2023 : GBP/USD Intraday technical analysis and significant key-levels.

The price showed an upward trend between 1.0400 and 1.0600, which stopped further declines. Bulls maintained the rising lows at 1.1150 and 1.1750, suggesting a likely continuation of the upward trend above 1.1750. At 1.2340, bears initially opposed the price, but bulls regained control. However, the GBPUSD bulls failed to create a new high and […]

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NZD/USD. RBNZ: long positions on the pair remain risky

The New Zealand dollar, paired with the US dollar, demonstrates a combative attitude ahead of the upcoming meeting of the Reserve Bank of New Zealand. In just two days, on May 24, the RBNZ members will announce the outcome of their meeting. According to most experts, the central bank will increase the interest rate again, […]

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Will the euro have enough strength?

Due to the confusion surrounding the U.S. debt ceiling, investors are trying to listen to central bank speakers. And it should be noted that it’s working. Speeches by Jerome Powell and Neel Kashkari from the Federal Reserve, as well as Christine Lagarde from the ECB, have allowed EUR/USD to find solid ground. The main currency […]

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GBP/USD. Analysis for May 22. The debt ceiling issue does not affect the dollar

The wave labeling for the GBP/USD pair still appears complex and ambiguous. It does not resemble a classical corrective or impulsive phase of the trend. Since the peak of the current upward wave surpassed the peak of the last wave B, the entire downward phase of the trend, consisting of waves A-B-C, can be considered […]

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EUR/USD. Analysis for May 22. No decision on the Fed rate in June yet

The wave labeling of the 4-hour chart for the euro/dollar pair continues to be non-standard but has remained relatively unchanged in recent weeks. During these weeks, quotes started to retreat from previous highs, so the three-wave upward structure can be considered complete. The entire ascending trend phase may still take on a five-wave corrective form, […]

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Technical analysis on GBPUSD for May 22nd, 2023.

Green lines- bullish RSI divergence Red line- resistance trend line GBPUSD is trading around 1.2448 making lower lows and lower highs. Last week we warned traders for the potential reversal and pull back. Price has now formed bullish RSI divergence signals suggesting the increased chances of a bounce higher. Currently we find resistance at the […]

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Ichimoku cloud indicator analysis on Gold for May 22nd, 2023.

Gold price is trading around $1,974 after making a low last week at $1,951. Price touched the Kumo (cloud) support as expected and is now bouncing higher. A daily close inside the cloud would be a sign of weakness, Price remains below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). According to […]

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Technical analysis on XRPUSD for May 22nd, 2023.

Red lines- bearish channel XRPUSD is trading around $0.4589 after a strong bounce off the $0.4080 lows. Price is now trading just below the upper channel boundary. Price remains inside the red downward sloping channel but below the upper boundary resistance at $0.4650. XRPUSD needs to break above and out of the bearish channel in […]

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Technical analysis on EURUSD for May 22nd, 2023.

Red lines – bearish channel EURUSD is trading around 1.0812 slightly higher than where it closed on Friday. Friday was a bounce day as price rose towards the upper channel boundary. Short-term trend remains bearish as long as price is inside the red downward sloping channel. At 1.0830 we find the channel resistance and a […]

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Analysis and trading tips for EUR/USD on May 22 (US session)

The test of 1.0800 coincided with the time when the MACD line was already far from zero, limiting the downside potential of the pair. Sometime later, there was another test, but this time the MACD line was in the oversold area, which was a signal to buy. Accordingly, the pair rose by about 30 pips. […]

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Analysis and trading tips for GBP/USD on May 22 (US session)

The test of 1.2425 coincided with the time when the MACD line was already far from zero, limiting the downside potential of the pair. Sometime later, there was another test, but this time the MACD line was in the oversold area, which was a signal to buy. Accordingly, the pair rose by about 40 pips. […]

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BTC on verge of breakout. Up or down?

The cryptocurrency market has become dull. Bitcoin has reached its narrowest price range in several months, despite lingering concerns about the stability of US regional banks and the country’s debt ceiling. The range or difference between the high and low for the week ended May 21 was 3.4%. According to data tracked by analytics firm […]

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