Daily Forex outlook 02 April 2018

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Forex Currency Pair USDCAD 4HR Time frame

USDCAD

Overall and current momentum on USDCAD is ascending. Over the past few weeks the Loonie has seen a nice recovery after a dismal start to 2018. After breaking to the downside out of the bullish channel traders thought the bears were back in action, unfortunately the bulls had other ideas and held the 1.28 handle. Until this level is broken I would not be looking for sell opportunities as price seems to be consolidating for either a bigger move to the upside or the drop back to trend line support.

NZDUSD

NZDUSD Overall momentum is ascending and current momentum is descending. Price is currently trading daily bull flag and i would expect a short opportunity to the bottom of the flag and 200 MA before we have another push to the upside.

GBPUSD

Cable’s overall momentum is ascending and current momentum is descending. A beautiful¬† head and shoulders pattern undressed itself for traders to short the pair however the bulls decided to slow that process down at the 1.40 level and price has consolidated . I am patiently waiting for either a break below support where my short target is 1.3913 or on the flip side a break to the upside with a short term target of 1.42

EURUSD

The structure on the daily frame has price trading in a bull flag formation and within the 4HR time frame price is currently consolidating . A break to the downside will warrant the short trade with a adventurous target of 1.2068. IF the bulls manage to keep their balls we could break out to see new highs.

AUDUSD

Overall momentum is currently ascending in which current momentum is descending. On the 4HR time structure is in the form of a descending channel. There is also divergence showing on the stochastic which could indicate that the bulls are coming back into this party. A break below support will warrant a short trade to daily trend line support level. I would not look to go long until the 0.77070 level is broken and then only it would be a short term buy to the 0.78300 level where I would have a sell limit order waiting.

USDJPY

Overall and current momentum for USDJPY is Descending. There has been a lot of volatility with this pair having 2 false breakouts in the past 2 weeks. There is divergence on the stochastic which could indicate¬† the bulls are trying to start he big rally to the upside. Price is currently trading around the 50 Fibb retracement level on the 4hr time frame so it will be interesting to see if price stay’s above or get pushed back to support. Either way i expect consolidation until a break at the bottom or top of this structure.