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US Dollar Might Lose Against The Canadian Dollar

The highest point $USDCAD reached in 2018 was at the last 4 trading days at 1.36583. After this high, a bearish trend began and since then, price has refused to go back to a level of 1.36583. Price has since then fallen to the lower region of the Bollinger bands. 2019 has been bearish for the $USDCAD.


The trendlines broke down after price touched the upper line of the Bollinger bands. RSI is already showing an overbought position which is also shown with the price action. After a new support level has been reached in 2019 at 1.30883, a range in price has been dominating the price movement. Ichimoku also shows the bears are in the market and this might continue for a while. Price of $USDCAD might fall about 900pips which the $USDCAD bears have gone down with 300pips already. Price might continue the downward movement for a few weeks to come.

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ON THE AIR with Futures with Ben Litchenstein

? I was back on the TD Ameritrade Network with the Futures with Ben Lichtenstein Show bright and early this morning ?? talking Bank of Canada, Brexit and the U.S. dollar. Ben always asks the tough questions providing a great interview of insights for viewers.

It looks like the Bank of Canada did, indeed, back down off their hawkish rhetoric as the Canadian dollar is weaker after the monetary policy announcment. The U.S. dollar is starting to react a bit to that poor U.S. trades number but the market will likely keep a muted reaction as it waits for the spotlight event of the week, the U.S. jobs number. Don’t forget about the Canadian jobs report released at the same time. Another weak economic report just may send the Canadian dollar over the cliff for good.

Watch my full segment below:

Lydia Idem on the Futures with Ben Litchenstein Show on the TD Ameritrade Network
Click the image to watch!
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The IBM Might Lose Its Uptrend Grip

For over 6 months in 2018, the $IBM price pattern showed little volatility until the first week in October when the price fell from 154.48 to 114.26. After this fall tried to maintain support at that same level, a continued move lower started in December to the next support level at 107.66. The second support level at 107.66 serves as a stronger support because a bounce occurred. Since that time, $IBM share price has maintained an uptrend in 2019, with over 2000points before reaching an overbought position.


Price being undoubtedly overbought in the past few days is a likely signal for a reversal downwards. The trendlines have been broken downward and the bulls seem to be taking a break from the market. Despite the RSI showing an overbought region, the Ichimoku’s future shows strong bullish action still intact. On the 23rd of January, there was a gap upward which is yet to be filled. Though $IBM still maintains the upper region of the Bollinger bands, the bull power might begin to lose its momentum.

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Crude Oil Price Ready For A Boom

Globally, the crude oil price fell to 42.52 in December 2018 which occurred last in June 2017. Price of $CL_F holds a strong support at the same level. In 2018, $CL_F price maintained a resistance at level 73.43 since November 2014. All gains in 2018 were lost when a fall in price began in October. The year 2019 started on a good note for oil with the $CL_F price all bullish.

Crude Oil Daily Chart

A breakout from the trendlines has occurred giving hopes for the $CL_F bull market. At two different instances in 2018, RSI shows oversold positions. As we watch the $CL_F bulls get into the market in large numbers, price has been bullish for about 3 weeks. The price is not overbought and might not show trace of being overbought soon. There are indications that the price of $CL_F could reach 69 in a few months time or go beyond that. The Ichimoku has shown a bullish future which occurred last in November 2018. Price has crossed to the upper region of the Bollinger band indicating the bull power is dominant.

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Euro Gaining Momentum Against The Dollar


The $EURUSD pair has moved both bullish and bearish since 2018 at an average of 200pips. The daily chart shows there has been rowdiness in the price movement. $EURUSD has been repeatedly oversold in May and August 2018. Price at several occasions touched the resistance level and reversed. The $EURUSD bears are more dominant since April 2018. Also, since the beginning of this year, the bears have been more dominant. Any attempt to begin a bullish trend, the bears take charge of the market.

Ichimoku’s future shows a downtrend, which is yet to give a reversal signal. In recent times, the price of $EURUSD has not shown an oversold position on the RSI. With price action, price is currently at 1.13746 after a bounce occurred. Now price is almost touching the Bollinger band’s middle line. If the candlestick crosses and closes above the middle line of the Bollinger band, then the uptrend might continue to reach 1.15068.



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Bitcoin Might Fall Back To Major Support Level


There was a sudden rise in the price of $BTCUSD on the 8th of February after a long range in price. Price initially was around 3360 before the upward movement to 3631 on the same day. After the bullish movement, a range in the price of $BTCUSD began. Two weeks later, $BTCUSD price began a bullish movement on the 19th of February which reached the resistance level of 3981.

On the RSI chart, price of $BTCUSD has been overbought at least twice in February. $BTCUSD price might fall to 3500 due to overbought positions. $BTCUSD bulls tried to move price about $600 in February. The bears seem to be in control of the Crypto world, giving little chances to the bulls. In the 4hr timeframe, price of $BTCUSD might fall about $500 in the next few days. Ichimoku is still showing a bullish trend which may likely give a reversal signal.

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EURBGBP Bears Might Pave way For The Bulls

There is a major support level at 0.86375 which the price of $EURGBP has maintained in the last few years. Today, a dip in price has resulted, thereby GBP has gained about 350pips in 2019. After this dip, a trace of reversal has begun. In the past one and half years, price of $EURGBP has been between 350pips indicating low volatility.

The RSI has indicated an oversold position giving rise to a reversal in the price of $EURGBP. Despite today’s drop in price, there are signals that price will touch the resistance level at 0.90496 in next few weeks. Price of $EURGBP is currently around the support level again. Just recently, price touched this support level at 0.86324 in the last trading week in January. Ichimoku shows the price is in a downward direction. If price of $EURGBP touches the middle line of the Bollinger bands, price might continue the upward movement.

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General Electric Is Currently Overbought


Since the beginning of the year, $GE bulls have been actively trading with over 250points. 2018 ended on a poor note for $GE shares when price fell about 500points before a range in price began. However, 2019 began with the $GE bulls in charge of the market with over 150points gained before the end of January. On the 1st of February 2019, they was a gap upwards which made the share price of $GE to move higher about 100points more.

Price is already overbought using the RSI thereby depicting a reversal is about to begin. Ichimoku is still showing a bullish direction alongside the price of $GE still on the upper region of the Bollinger bands. As it is expected that the bears get into the market for a short while, price of $GE could begin a bullish movement after a dip might reach 8.50.

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Nike Bulls May Relent

There has been an upward movement with the $NKE share price since the last week in 2018. The bulls have gained about 300points since then. $NKE reached an all time high in September 2018 and there was a major resistance at 86.04 level. The current price of $NKE is at 85.07 which might maintain the resistance level 86.04. Just recently, $NKE trainers which looked to have the name Allah have been asked to be recalled. This recall may negatively affect the sales of the trainers.

Ichimoku’s future is yet to show a reversal which indicates that the $NKE bulls are still in the market. RSI also shows an overbought position indicating that a correction lower may begin. Since price is already touching the resistance level, this could give room for the bears to get into the market. Price of $NKE still maintains the upper region of the Bollinger bands. If a bearish movement begins, it could attract about 100points.

Source: Nike Air Max Trainers Allah Sneakers Recall Petition Arabic Offensive.
(Independent.co.uk)

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The Dollar Might Continue The Uptrend Against The Yen

The Japanese yen gained so much against the dollar with over 500pips in December 2018. During this time, most of the American stocks took a dip and are yet to recover fully. $USDJPY peak price in 2018 was in October at 114.404. In the second half of the year in 2018, $USDJPY was overbought at two instances. Price touched level 104.718 level in the early days of January 2018 with much volatility in the 2nd trading day.

After the dip in December, price of $USDJPY is already oversold on the RSI indicating a reversal for an uptrend. Price has currently moved upward 300pips in 2019 and shows a very high tendency of a continuous uptrend to 113.96 in the long run. For a short while, price of $USDJPY could rally up to 111.823 from its current 110.480. The future of Ichimoku shows a trace of reversal which might attract an additional 300pips in the long run. Though price is currently in the lower region of the Bollinger bands, price might cross upwards to the upper region of the band in a short while.

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