Crude oil:
Crude oil prices rose significantly yesterday and peaked at $74.65 for a barrel. However, the 4-hour chart's RSI is floating in an overbought territory suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. This might be a good opportunity for forex traders to enter the trend at a very early stage.
It seems as though the EUR/USD maybe in it’s final stages of its upwards correction.
We wrote an earlier post about the EUR/USD hitting the 1.1500 area. It seems as though we may be lining up for just that particular down movement now. Once the correction has completed, look for a nice downward movement to the 1.1500 area and below - even potentially to the 1.1000 area.
The question is - is the correction over? We’d still be a little trigger shy about getting into a short trade. We may potentially see a dip down further, getting many traders to enter short and then complete its correction upwards - much to the dismay of the traders whom entered short at the end of Wave B in the correction.
Apply your money management when trading and be sure to apply it.
Good luck!
USDCAD has reached the upper border of the falling price channel on 4-hour chart, a clear above the channel resistance will indicate that the downtrend from 1.0852 has completed at 1.0138 already, then the upwards movement could bring price back towards 1.0852 previous high. On the other side, as long as the channel resistance holds, the bounce from 1.0138 is treated as correction of downtrend and another fall towards 1.0138 is still possible.
Daily Forex Forecast
Crude Oil:
Oil prices rose significantly in the last week and peaked at $77.20 a barrel. However, the 4-hour charts' RSI is floating in an overbought territory suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. This might be a good opportunity for forex traders to enter the trend at a very early stage.
Crude oil prices rose significantly yesterday and peaked at $77.12 per barrel. However, the 4-hour chart is suggesting that a recent upwards trend is loosing steam and a bearish correction is impending. Forex traders involved with commodities like this can take advantage of this knowledge by going short on crude oil now, and at a [...]
