Market Review: GBP / USD , USD / JPY , USD / CAD and EUR / USD 3rd December – 7th December

The GBP/USD finally broke above the 1.6260 very strong resistance. We have been waiting for it for a while, but it was worth it. The pair climbed a quick 200 pips after the break, and found minor resistance at the 1.6450 area. We believe there is more to come and are expecting the pair to reach the 1.67 area. Keep in mind, a lot of important news is due to be released this week that could cause significant volatility. There is a possibility for downward correction, but the main trend is upwards, so look for buying opportunities.

GBP-USD Chart -3rd december 2013

GBP-USD Chart -3rd december 2013

USD/JPY – Since the pair broke the triangular pattern upwards (to the main trend direction), it climbed more than 300 pips (exactly as we expected). Our final target for this movement lies around the 103 – 103.50 area.

 

USD-JPY Chart -3rd december 2013

USD-JPY Chart -3rd december 2013

 USD/CAD – While the pair was trading below the 1.06 strong resistance for a while, it broke above it last week. We expect more upward movement for this pair, with targets at 1.0750 followed by 1.1090. This week, the BOC Rate Statement will be published, which can trigger additional movement for the CAD.

 

USD-CAD Chart -3rd december 2013

USD-CAD Chart -3rd december 2013

EUR/USD – The pair is trading below the 1.36 very strong resistance area. Notice the potential Head & Shoulders pattern on the daily chart which can take the pair towards 1.34 again. If there is a break above the 1.3630 area, we may change our view to the upside targeting the 1.38 area.

 

EUR-USD Chart -3rd december 2013

EUR-USD Chart -3rd december 2013

 

SunbirdFX

  • 100% Bonus on your First Deposit
  • Only USD 100 Minumum Deposit
  • Free Interactive Courses and Personal account managers t
  • Free Demo Account
100% Bonus on your First Deposit
Visit Now

SunBird is a top forex broker providing an excellent customer service , easy to use platform and low spreads. Open a Free Demo Account Now.

John Walker

John Walker

Editor at Tradingbroker.co.uk
John was born in London ( United Kingdom ) and studied at The London School of Economics. Currently he lives in Sydney ( Australia ) and he works as editor at Tradingbroker.co.uk.
John Walker

Latest posts by John Walker (see all)

Leave a Comment

About Us - Sitemap - Contact Us - Disclaimer- Terms & Conditions - Cookies Policy-
© Copyright 2013-2017. All Rights Reserved. TradingBroker.co.uk - Top UK Forex Trading & CFD Brokers -
tradingbroker.co.uk is owned and operated by Clicking Media Ltd ( company registered in England and Wales, UK )
DMCA.com Protection Status
Use of this site constitutes acceptance of our Disclaimer

Risk Warning: Online trading always holds an element of risk a it's not recommended for all investors or traders. Before deciding to trade you should evaluate your investment goals, your experience and risk propensity. You need to know there is a chance that you can lost some or all of your initial investment therefore you should avoid to invest money that you cannot afford to lose. In case of any doubts we recommend to seek advice from an independent financial advisor. ( check website www.fca.org.uk ) Trade at your own risk.
Disclaimer: The information contained within Tradingbroker.co.uk is only provided as general market commentary, and it’s for general information and educational purposes only, and it’s not intended to provide financial advice, nor is it an offer or solicitation of any kind to buy or sell any investment products
TradingBroker.co.uk has financial relationships with some of the products and services mentioned on this web site, and may be compensated if consumers choose to click these links in our content and ultimately sign up for them. For more information please visit our disclaimer web page Read Full Disclaimer