Forex Analysis: Silver

as informed in Silver reversed from pivotal resistance level 16.10Likely to fall furtherSilver recently reversed down from the pivotal resistance level 16.10 (former powerful support level, which has been steadily reversing the price from the start of February, as can be seen from the daily Silver chart below). The downward reversal from this resistance level started the active minor impulse wave (v) – which belongs to the impulse 3 of the medium-term downward impulse wave (C) from January. Silver is likely to fall further and re-test the next support level 15.800 (former strong support from December of 2017).

Forex Analysis: USDCAD

USDCAD is consolidating and building energy as liquidity conditions were tight this week with the Canada day holiday on Monday and US Independence day yesterday. The price is confined to a tight range around 1.31450 with resistance at 1.31755 and the 100 period MA followed by 50 MA at 1.31967 and the 1.32000 level. Support for the pair is at the 1.31241 area followed by the low at 1.31108. The 200 MA is found at 1.30962 with the 1.30704 level providing support that was formerly resistance. A loss of this area points to further declines through 1.29600, 1.29200 and 1.28940 with stronger support at 1.29640.

Forex Analysis: EURGBP

as declared in The EURGBP is trading at its 50 period MA in a 4 hour time frame at 0.88235 after it reversed its fall from yesterday this morning to reach 0.88411. This was on the back of reports that some members of the ECB are of the opinion that hiking in the autumn of 2019 will be too late. A break above this area would target the highs at 0.88743 followed by 0.88920. The falling trend line at 0.88900 is longer timeframe resistance giving strength to the 0.89000 level. A break under this level and the 0.88000 area can see a drop towards 0.87574 followed by 0.87162 and the 0.86900 area.

Forex Technical Analysis: EUR/USD, USD/JPY, GBP/USD

EUR/USDCurrent level – 1.1711The pair is currently testing 1.1730 resistance area and I favor a break through the mentioned hurdle to allow a rise towards 1.1830. Initial intraday support lies at 1.1670, followed by the crucial 1.1630. Resistance Support intraday intraweek intraday intraweek 1.1730 1.1730 1.1670 1.1510 1.1830 1.1830 1.1600 1.1300USD/JPYCurrent level – 110.63The outlook is bearish below 110.80, for a break through 110.25, towards 109.40. Resistance Support intraday intraweek intraday intraweek 110.80 111.40 110.25 107.80 111.40 114.40 109.40 106.70GBP/USDCurrent level – 1.3235My outlook remains positive for a rise towards 1.3310. Crucial is 1.3160.

collected by :John Locas