MarketBreakdown | USDCAD, SILVER (XAGUSD), EURGBP, WTI OIL
Here is a brief technical outlook for 4 financial instruments that are on my radar.
1️⃣ USDCAD - 3 days time frame
The price successfully broke and closed above a major falling trend line .
That was a very important moment for the pair and now I am very bullish-biased.
I want to see a retest of a broken trend line and then a consequent intraday confirmation
to buy the pair.
In a midterm, a bullish continuation is expected to 1.262
2️⃣ SILVER ( XAGUSD ) - Daily time frame
The market is currently ranging.
26.7 - 27.1 is its resistance.
25.4 - 25.7 is its support.
To catch a swing move wait for a breakout of its boundaries,
sell in case of a bearish breakout and buy in case of a bullish one.
For intraday trading consider the boundaries of the range.
3️⃣ EURGBP - Daily time frame
Similar to silver , the market is currently consolidating.
The price is trading in a horizontal decision range.
0.862 is its resistance.
0.853 is its support.
Because the market is trading in a long-term bearish trend , I will wait for a support breakout to sell.
However, again, for intraday trading, you can trade the market within the range.
4️⃣WTI OIL - Daily time frame
As we know, oil & cad are in a very close negative correlation.
The price has recently reached a key monthly structure and
we saw a very strong bearish reaction from that with a confirmed breakout of a major rising trend line .
Very bearish bias and bearish continuation is expected.
Based on an intraday perspective, it looks like the market is preparing for one more test of a trend line .
Closest key supports - 70.9/68.0