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Daily Market Overview and Trade Ideas

TraderTalk | Trump cancels North Korea Summit, Gold breaks $1300 | easyMarkets 25th May 2018

-Risk off after Trump cancels North Koren Summit

-Stocks bounce into US close and Asian open though with USD/JPY rebounding as well on optimism

-GBP/USD surges on strong retail sales but fails at 1.3400

Daily Trading Ideas

CADJPY making a bullish exit, potential rally from here!

CADJPY is seeing major resistance at 85.04 (Fibonacci retracement, horizontal overlap resistance, bearish ichimoku cloud). If price closes above this major resistance level, that could be the start of a bullish exit that could rally all the way up to 2nd resistance at 85.82 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension).

For enlarged version, see:
https://www.tradingview.com/chart/AUDUSD/0Ff9O7tG-CADJPY-making-a-bullish-exit-potential-rally-from-here/

CHFJPY bounced perfectly to our resistance target! Prepare for another potential bounce!

CHFJPY bounced perfectly to reach our resistance target yesterday. We now see another potential bounce coming above 110.07 support (Fibonacci retracement, Fibonacci extension, bullish divergence, horizontal swing low support) which could push prices up to 110.75 resistance (Fibonacci retracement, horizontal swing high resistance) once again.

Stochastic (55,5,3) is seeing major support above 3.9% where a corresponding bounce could occur. We’re also seeing bullish divergence vs price signalling that a bounce could be impending.

For enlarged version, see:
https://www.tradingview.com/chart/AUDUSD/mN5ztksm-CHFJPY-potential-for-a-nice-bounce/

USDCAD approaching major resistance, prepare for a potential drop!

USDCAD is fast approaching major resistance at 1.2929 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, bearish divergence) and a strong reaction could occur at this level to push prices all the way down to major support at 1.2825 (Fibonacci retracement, horizontal swing low support).

Stochastic (55,5,3) is seeing major resistance below 94% where a corresponding reaction could occur. We’re also seeing bearish divergence vs price signalling that a reversal is impending.

For enlarged version, see:
https://www.tradingview.com/chart/AUDUSD/J4IZKBvQ-USDCAD-approaching-major-resistance-potential-for-a-drop/

XAUUSD (Gold) bounced to our resistance target! Prepare for a potential drop!

XAUUSD bounced perfectly to reach our resistance target. We now see major resistance at 1304 (Fibonacci retracement, horizontal overlap resistance, descending resistance, Fibonacci extension, ichimoku cloud) and a strong reaction could occur at this level to push prices all the way down to major support at 1284 (Fibonacci extension, horizontal swing low support).

Stochastic (55,5,3) is seeing major resistance at 95% where a corresponding reaction could occur.

For enlarged version, see: https://www.tradingview.com/chart/AUDUSD/9sB8Xr3B-XAUUSD-Gold-approaching-resistance-potential-reaction/

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