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Cable rallies on inflation report

al_dcdemo Updated 18 Aug.  in #Trader's blog #GBP/USD #Support #Resistance #UK Inflation #H1 Chart #Range Top
UK inflation figures have been released today at 10:30 GMT, coming out mostly better than expected.
CPI y/y: 0.1% vs 0.0% expected, 0.0% previous
Core CPI y/y: 1.2% vs. 0.8% expected, 0.8% previous
RPI y/y: 1.0% vs. 1.0% expected, 1.0% previous
Core RPI y/y: 1.1% vs. 1.0% expected, 1.1% previous
Cable needed no excuse to rally above 50 DMA (1.5610), Previous Week High (1.5660) and five-week range top (1.5670 - 1.5690). It traded up to Weekly Resistance 1 (1.5714) so far and is currently stalling…
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Loonie setting up for a break to new highs

al_dcdemo Updated 14 July  in #Trader's blog #Oil #USD/CAD #Breakout #Iran #H1 Chart #Range Top #Global Powers #Nuclear Agreement
Iran and the negotiators from the global powers have reached a nuclear agreement. That could see an easing of sanctions against Tehran and a gradual increase in its oil exports in the weeks ahead.
Loonie rallied in response and is currently testing seven-month range top between 1.2800 and 1.2835. If it manages to break and hold above that, the next target would be 2009 high at 1.3064 and then 61.8% retracement of the 2001 to 2007 decline near 1.3470.
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Loonie motoring higher

al_dcdemo Posted 7 July  in #Trader's blog #Oil #USD/CAD #Rate Cut #Safe Haven #H1 Chart #Range Top
Loonie traded to the highest since April the 1st and is approaching January to March range top while the price of oil continues to slide. Weaker data, speculation of another rate cut and safe haven USD demand are not helping it either.
Some resistance may come in between 1.2690 and 1.2700 (Daily Resistance 1, Weekly Resistance 1, 00's) but the real test will be at the above-mentioned range top in 1.2800 - 1.2835 band, which also hosts Weekly Resistance 2 and Monthly Resistance 2.
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