Snapshot – NZDCAD, EURUSD, USOIL

NZDCAD – Daily

To begin with, let’s take a look at the NZDCAD. Admittedly not the liveliest minor pair but in this instance, I think it is worth a mention. On the daily time frame, we can see the price is hovering around the critical support zone of 0.8850, an area that has been tested three times already this year but has failed to mount any significant challenges to the downside.

The latest candle suggests the bulls are attempting to regain control and we may see moves up to re-test previous areas of resistance. A potential catalyst for a bounce is lurking within the RSI indicator which shows NZDCAD heading into oversold territory.

Upside targets start at 0.90 before testing the previous high of 0.9225.
Should the 0.8850 regions become unstuck, evidence of previous support is around last December’s lows of 0.87

EURUSD – Daily

Not a great deal to discuss for the pair during this period of consolidation. However, it is interesting to see how price action is responding to the lower levels of the Ichimoku cloud shown above.

Notice several recent attempts under the cloud before causing temporary reversals each time. All the other indicators on this daily chart including the lagging Chikou Span (purple line) are bearish.

At this point, we could see price retrace back to the previous low of 1.15080 before resuming an upward trajectory longer-term. I say this tentatively because if you look at the weekly chart, the price has not closed above the 200 EMA for the past seven weeks.

USOIL- Daily

Lastly, without delving into the fundamental drivers of the commodity, displayed is the strong uptrend we have witnessed during the July to September period last year. Technically speaking, we require at least three points of reference to validate these lines, so confirmation is pending.

There are also two weekly pivots in the region of 72.00 which could be the next port of call for the price of oil. Above here, we are likely to see 74.00 tested as well. I think the point and figure chart below displays this more clearly. We have a bullish support line that remains steadfast, and the price is edging upwards to re-touch the 74.00 mark. In both charts, it would seem 68.00 is the level to watch before revising the overall trend. It is also worthy of a downside target in the interim.

By Adam Taylor CFTe

This article is written by a GO Markets Analyst and is based on their independent analysis. They remain fully responsible for the views expressed as well as any remaining error or omissions. Trading Forex and Derivatives carries a high level of risk.