CAD/JPY produced a bullish engulfing candle upon having a bearish correction on the daily chart. The chart produced the candle at a level where the price found its support earlier as well. Thus, the daily buyers, as well as intraday buyers, are going to keep their eyes on the pair to go long. The H4 and the H1 chart look good for the buyers as well. Let us now have a look at these three major charts. Chart 1 CAD/JPY Daily Chart The chart shows it made a bullish move upon producing a bullish engulfing candle around 75.000. The price headed towards the North having a rejection at 76.815, and remained bearish for two candles. It then had a bounce around 75.850 and produced a bullish engulfing candle. The level of 75.850 has been a significant level, where the price had a bounce several times earlier. The price may find its next resistance around 76.815. Since the daily chart is forming an ABC pattern, it may breach the level and make a new higher high. Chart 2 CAD/JPY H4 Chart The chart shows that it headed towards the North upon producing a bullish engulfing candle at 75.550. The price had a rejection at 76.510. It has been in consolidation. The level of 76.305 may hold the price as a level of support. If the chart produces a bullish reversal candle, the buyers may go long above 76.510. The price may find its next resistance around 76.800. On the contrary, if the price makes a bearish breakout at 76.305, it may find its next support at 75.880. Chart 3 CAD/JPY H1 Chart The price after being bullish had a rejection at 76.510 twice. The level of 76.305 has been working as a neckline. If the level is breached by a bearish candle, the sellers may go short in the pair and drive the price towards the South with good bearish momentum. The price may find its next support at 76.000. On the other hand, the level of 76.305 is a flipped support, which may attract the buyers to go long upon a bullish reversal candle followed by a breakout at 76.510. The price may find its next resistance around 76.700. These three charts look good for the buyers. Thus, the pair may have a bullish day today. If today’s candle closes above the last higher high, the pair may remain bullish for several days.

The WTI crude oil prices looking directionless despite decreasing the U.S. inventory report. The crude oil prices were mostly unchanged on the day near the $25.40. However, a bullish breakout of $27 level leads the oil prices towards the next resistance level of 27.82. The Commodity Futures Trading Commission warned that the odds of extra price volatility have increased as the expiry date of the June West Texas Intermediate contract nears. The receding hopes of quick economic recovery and the US-China intensifying tension damaged the investor's confidence, resulting from a weaker tone around the equity markets. At the US-China front, the already intensified trade tussle between the United States and China got worse after U.S. President Trump recently blocked investments into the Chinese stocks. China fire shots by words on the United States, which eventually weighed on the market risk sentiment. In the meantime, the U.S. stocks dropped after the Federal Reserve's Powell signaled that the economy could face further downturn if Congress fails to provide additional financial support, which eventually keeps the oil prices under pressure. On the other hand, the OPEC also shared the negative story about the world oil demand in its monthly report on Wednesday. The organization now expects demand to drop by 9.07 million BPD this year, compared to its expected contraction of 6.85 million BPD last month, which also keeps oil traders cautious. Daily Support and Resistance Pivot Point 25.25 The technical side of the U.S. oil is mostly unchanged as it continues to trade in between 27 - 25 area. The recent weakness in the U.S. dollar is finally supporting crude oil prices due to the dollar's negative correlation with commodities. The U.S. oil is consolidating at 26.96, having violated the symmetric triangle pattern, which provided resistance at 26.70 along with support at 25.10 and 24.10. The bullish breakout of 26.70 may lead to WTI prices towards 27.30 and even higher towards 27.80 during the U.S. session today. All the best!

The AUD/USD currency pair failed to stop its previous 4-session losing streak and dropped just below mid-0.6400s, mainly due to the risk-off market sentiment, which keeps the risker assets, including Aussie dollar under pressure. The broad-based U.S. dollar strength also weighed on the currency pair and contributed to the currency pair earlier declines. The AUD/USD is trading at 0.6429 and consolidated in the range between the 0.6421 and 0.6462. Federal Reserve Chair Jerome Powell showed disagreeability about the idea of the negative rate. He gave a very depressive statement about the economic downturn, which bolstered the demand of the U.S. dollar and contributed to the currency pair earlier declines. Besides, the Fed Chair Powell indicates that the on-going recession could be for the long-term if Congress fails to provide additional fiscal support. The receding expectations about the sharp recovery of economic weighed on the investors' sentiment. The risk-off market sentiment fueled by multiple factors like the US-China trade war and the second wave of coronavirus weakened demand for the perceived riskier Australian dollar. At the US-China front, the already escalated trade war between the United States and China got fueled further after U.S. President Trump recently blocked investments into the Chinese stocks. As in result, China fire shots by words on the United States, which eventually weighed on the market risk sentiment. Earlier in the morning, the Republican leader has denied renegotiation of the Phase 1 deal while alleging China for the virus outbreak. At the data front, the reason for the currency pair declines could also be attributed to the Thursday's mixed Aussie employment figures, showing that the number of employed people declined more-than-expected, by 594.3K in April. Alternatively, the lower-than-expected rise in the unemployment rate helped limit deeper losses. On the technical front, the AUD/USD pair is on a bearish run, having dropped below an immediate support level of 0.6432. Closing of candles below this level suggests odds of selling bias in Aussie. At the same time. The 50 EMA and RSI are also in support of the selling trend. But the closing of recent candles is rather mixed. Long shadows of candles are demonstrating the sort of indecision among traders, especially since the release of worse than expected U.S. Jobless Claims data. Let's look for selling trades below 0.6440 with a target around 0..6370. Alternatively, buying can also be seen around 0.6370 zones. All the best!

USD/CAD has been bullish for the last three days. The daily chart shows that the price upon finding its support at a strong buying zone has been heading towards the North. Yesterday’s candle came out as a bullish candle with a long lower shadow. The price had a bearish correction. It seems that the price has found its support. The pair may offer a long entry upon a bullish breakout. Chart 1 USD/CAD H1 Chart The chart shows that the price had a rejection at 1.41170 after making a bullish move. It then had a rejection again and headed towards the South. As of writing, the last bearish candle closed within 1.40700. The level may hold the price as a level of support. If it produces a bullish reversal candle, the buyers may go long above the level of 1.41170. Trade Summary Entry: Buy above 1.41170 Stop Loss: Below 1.40700 Take Profit 1: 1.41400 Take Profit 2: 1.41540 Take Profit 3: 1.41800

The dollar is trading with a neutral bias as the US April Inflation data showed that it fell more than the expectations and made the U.S. dollar weaker against Euro currency. The forecasted value of CPI was -0.7%, which in actual came as -0.8%. The Core CPI came as -0.4% in the month of April against the forecasted -0.2%. Let's wait for Fed Chair's speech today.   The Bitcoin price dropped up today, after soaring by 5.78% to a daily high of $9,398 before leaning back to trade in the $9,300 range. The definite upside move drove the top-ranked digital asset on over the $8,800-$8,930 resistance band. Considering the halving day retracement dropped the price to $8,122, Bitcoin price has gained 14.48%, principal traders to immediately see for $9,200 to work as support. As Bitcoin gradually works its way backward to $10,000, the $9,300 to $9,400 region could be a sticking spot where resistance will produce a retest of previous levels of resistance at $9,200 and $9,061 where the 78.6% Fibonacci Retracement is settled. BTC/USD - Daily Technical Levels Support Resistance 8,946 9,542 8,582 9,775 8,349 10,138 Pivot Point 9,178 BTC/USD – Daily Forecast The BTC/USD prices have violated the ascending triangle pattern, which is leading bitcoin prices towards the fresh resistance level of 9,400. While support holds around 9,170, a bullish breakout of 9.400 level may extend buying until the next resistance level of 9,602. The 50 EMA and RSI, both are supporting bullish bias in the Bitcoin. Correction can be seen below 9,365 level today, while bullish breakout will drive buying unto 9,602. The EUR/USD prices were closed at 1.08186 after placing a high of 1.08963 and a low of 1.08114. Overall the movement of the EUR/USD pair remained bearish throughout the day. The recovery attempt of the EUR/USD pair on Wednesday failed to reach 1.0900 level and was pulled back during the U.S. trading session. Fed's Powell comments on the U.S. economy offered support to the U.S. dollar, which dragged down the pair to post losses for the day. At the beginning of the trading session on Wednesday, EUR/USD prices appreciated to a one-week high at 1.0896 on the back of moderate optimism about the European economies, which were prepared to lift the COVID-19 lockdown gradually. However, the upward trend of pair EUR/USD was dragged down after the speech of Federal Reserve Chairman, Jerome Powell. He dismissed the rumors about the need for negative interest rates and warned that a long-term recession was on its way to the U.S. economy if the White House & Congress did not approve more fiscal aid. Furthermore, the European Commission on Wednesday unveiled a phased plan for re-opening of borders, airports, and hotels for summer. This initiative came in order to save the tourism industry, which has been collapsed amid the COVID-19 restrictions. Meanwhile, the statement of Michael Gove, Chancellor of Duchy of Lancaster, that the U.K. and Brussels could negotiate a trade deal in six months was dismissed by the European Union officials on Wednesday. On the data front, at 14:00 GMT, the Industrial Production for the month of March showed a decline of -11.3% against the forecasted decline by -12.3%. Better than expected fall in industrial activity gave some positive trend to single currency euro and added in the rise of the pair's movement in the early trading session. EUR/USD - Daily Technical Levels Support Resistance 1.0787 1.0873 1.0756 1.0928 1.0701 1.0959 Pivot Point 1.0842 EUR/USD – Daily Forecast The EUR/USD is trading at 1.0802, holding below the pivot point resistance level of 1.0842. A bearish breakout of 1.0842 below level is leading the EUR/USD prices towards the next support area of 1.07630, which marks the double bottom level. Below this, the next support holds around 1.0725. Conversely, resistance holds around 1.0842. The RSI is holding below 50, which is keeping the EUR/USD in a bearish mode while the 50 EMA is also suggesting odds of selling trend in the EUR/USD. Consider staying bearish below 1.0842 today, while buying can also be seen above this level today. The GBP/USD pair was closed at 1.22362 after placing a high of 1.23396 and a low of 1.22100. Overall the movement of GBP/USD pair remained bearish throughout the day. The GBP/USD pair refreshed its daily tops around 1.234 in early trading session but dropped again to post losses for 3rd consecutive day on Wednesday after the speech of Jerome Powell. On the back of better than expected GDP data from the United Kingdom, Pound gained strength against the U.S. dollar in the early North American Session but started to lose traction after the Fed Chair gave comments on the U.S. economy. At 11:00 GMT, the Prelim GDP for the quarter showed a decline of -2.0% against the forecasted value of -2.6% and supported GBP. The GDP for the month dropped by -5.8% in March against the expected -7.9% and supported the Pound. The Construction Output for March dropped by -5.9% against the forecasted drop of -7.1% and supported GBP. The Index of Services also came in favor of GBP after falling for -1.9% against the expectations of -2.5%. At 11:02 GMT, the Manufacturing Production for the month of March from the U.K. showed a decline of -4.6% against the expected decline by -6.0% and supported Sterling. The Goods Trade Balance from the United Kingdom showed a deficit of -12.5B against the forecasted deficit of -10.0B and weighed on Sterling. The Industrial Production for the month of March declined by -4.2% against the forecasted -5.5% and supported Pound. The Prelim Business Investment for the quarter was dropped to 0.0% against the expected -3.0% and supported British Pound. Most of the data came in favor of Pound and pushed the GBP/USD pair prices on Wednesday in early trading sessions. However, the gains of the GBP/USD pair started to lose after the speech of Jerome Powell, the Chairman of the Federal Reserve. On data front from the United States, the U.S. dollar remains depressed due to poor than expected PPI data for April, which fell more than the expectations. However, its effect was not lasting as the speech from Powell on the current economic situation came in under the eyes of traders. Support Resistance 1.2179 1.231 1.2129 1.2391 1.2048 1.2442 Pivot Point 1.226 The GBP/USD is trading bearish after the breakout of the sideways trading range of 1.2350 - 1.2285. At the moment, the able is trading at 1.2160 before reverting back to 1.2195. The selling bias of the GBP/USD is still dominant as it's holding below 50 EMA, which is extending resistance at 1.2300. The GBP/USD is holding below the daily pivot point level of 1.226, which is suggesting odds of the selling trend in the Cable. However, the bullish breakout of 1.226 level may extend buying until 1.231 and 1.2391. The RSI and 50 EMA are suggesting the chances of a selling bias today. On the lower side, the GBP/USD prices are likely to find support at around 1.2179 and 1.2132. Let's look for selling trades below 1.226 and buying above the same level today. Good luck!

GBP/USD has been bearish on the daily chart since 1st May. The price had a rejection at a double top resistance and breached the neckline. Thus, the sellers are going to keep their eyes on the pair to go short in the daily chart. Major intraday charts such as the H4 and the H1 look good for the bear too. Thus, the pair may produce another bearish candle on the daily chart. If today’s daily candle closes as a bearish marubozu candle, the pair may make a massive bearish move. Let us now have a look at the three major charts. Chart 1 GBP/USD Daily Chart The price had a bounce at 1.26150 and produced a bearish inside bar. It headed towards the South and made a breakout at 1.22650. The sellers may consider it a neckline breakout. Thus, they are going to be keen to find out short opportunities in the pair. The chart shows that the price may find its next support around 1.14500. This means the Bear may make a massive move here. Chart 2 GBP/USD H4 Chart The H4 chart shows that the price has been heading towards the South upon having upside corrections. Yesterday, the chart produced a massive H4 candle closing within 1.22110. Today’s second H4 candle closed within the level as well. However, as of writing, the pair has been trading below the level. Some sellers may have already triggered their short entries. The price may find its next support around 1.21300. Chart 3 GBP/USD H1 Chart The H1 chart has kept making new lower lows. The price had a bounce at 1.22050 and consolidated around the level for a while before making a breakout. Minor intraday traders may wait for the price to go back towards the breakout level and produce a bearish reversal candle to trigger short entries. The price may find its next resistance around 1.21600. On the contrary, if the price breaches 1.22050, intraday buyers may go long and push the price towards the level of 1.22850. Since the daily and the H4 chart are bearish biased, it is more likely that the pair may produce a bearish reversal candle on the minor charts and offer traders short entries. Considering these three charts, the pair may produce a bearish daily candle. If the candle closes having a tiny lower shadow, the pair may keep heading towards the South with more bearish pressure. The Bear has a lot of space for its next run in the GBPUSD.

BTCUSD is trending upwards ⬆️ 83.52% of traders have a Long ⬆️ position open!

GBPUSD is trending downwards ⬇️ 55.91% of traders have a Short ⬇️ position open!

BTCUSD is trending upwards ⬆️ 79.6% of traders have a Long ⬆️ position open!

NZDUSD is trending downwards ⬇️ 72.95% of traders have a Long ⬆️ position open!