Technical Analysis

Price action on USD/CAD, a daily chart of which is shown, has formed another short-term uptrend correction within the context of a strong longer-term downtrend.

GBPUSD is in range trading between 1.5801 and 1.6743. Moving sideways in this range is expected next week. As long as 1.5801 support holds, the price action in the trading range is treated as consolidation of uptrend from 1.3654, and further rally is possible to 1.7000-1.7500 area after consolidation, however, a break above 1.6743 is needed to confirm the resumption of uptrend.

Price action on EUR/USD, a daily chart of which is shown, once again retraced back up to re-test a key uptrend line on Thursday after having broken down below the same trendline in the beginning of the week.

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EURUSD has reached one more time the resistance line but couldn't break it, one candle did go above resistance but it closed down under resistance line.

GVI Forex Chart Points