Although the macro calendar isn’t packed this week, we can find some nice trading occasions as the technical situation on many instruments looks very promising.
Silver is creating a hammer candlestick on the weekly chart. I know it’s only Tuesday, but the strong defence of the long-term up trend line cannot be ignored. This kind of price action can be a very good sign for new bullish sentiment.
EURGBP defended the mid-term up trend line and the important support at 0.878. Now, buyers will try to break the dynamic resistance created by the line connecting recent lower highs. Chances of a breakout are slightly higher than a bounce.
USDCAD is increasing the pressure on the long-term up trend line and the lower line of the flag. It seems that it is now or never now as we are about to test the closest support for the fourth day in a row. Bounces are getting smaller, showing us that the demand is consequently disappearing from the support.