The chart below shows that there were clearly visible bullish patterns calling for a breakout higher. EURNZD formed a bullish flag breakout pattern (purple) and broke above the top of flag signalling traders that a move higher was in the works. More upside confirmations were the bullish divergence patterns (green, light blue, orange) that formed which allowed to squeeze the BUY trigger.

EUR NZD 20200623 17.51

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GBP/CAD has dropped below 1.69, the lowest since May. Concerns about coronavirus in the US and the UK – amid a potential lockdown of Leicester – and Brexit are weighing on the pound.

GBP CAD 20200609 14.30

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CME Group’s preliminary readings for crude oil futures markets noted open interest shrunk for the fifth consecutive session, this time by almost 24.8K contracts. In the same direction, volume went down for the second straight session, now by around 41.7K contracts.

The WTI edged higher on Thursday, although amidst declining open interest and volume, which should be supportive of a near-term correction. That said, the key barrier at the $40.00 mark per barrel remains a tough resistance for the time being, helped by the proximity of the overbought territory.

Oil US Crude 20200604 14.28

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CHF JPY exit

The Swiss Franc has surged by 4.29% against the Japanese Yen since May 6. The currency pair tested the upper boundary of an ascending channel pattern at 113.31 on June 3.

Given that the CHF/JPY exchange rate is currently trading near the upper line of the ascending channel pattern, a breakout could occur during the following trading sessions.

However, if the ascending channel holds, bears are likely to pressure the currency exchange rate lower towards the weekly pivot point at 111.63 during next week's trading sessions.


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