Hello FTMO Traders, welcome to this week's Sunday Market Review. This time we will look at:
- EUR/USD - 1H
- CAD/JPY - 4H
- Gold - Daily
EUR/USD - 1H
The EUR/USD has been in a very nice uptrend for the past few days. On the chart we see a rising channel that has been broken last Friday. Now, momentum has shifted and a trend reversal is very likely. Now we are testing the highlighted major support level. A break through this support level would indicate even more bearish momentum.
CAD/JPY - 4H
On the CAD/JPY - 4H we have a textbook defined downtrend. Many people like to define a downtrend as a series of falling highs & lows. Some people would think that price is oversold, however as long as the downtrend persists, going short is definitely an option. At the moment, price is still in a correction phase and we should wait for further bearish confirmation.
Gold - Daily
Gold has been trending down for a long time now. Recently, the price formed a triangle pattern and broke to the upside. On the daily timeframe, we definitely have a bullish bias at the moment. Price might test the previous trendline resistance before moving up.
This is it for this week's Sunday Market Review.
I wish you lots of successful trades in the upcoming week and see you next time.
Khac Tu Nguyen, FTMO Support