AUDCAD is approaching its resistance at 0.9537 (100% Fibonacci extension, 61.8% Fibonacci retracement, Horizontal swing high resistance) where it may reverse down to its support at 0.9407 (50% Fibonacci retracement).
RSI (21) is approaching its resistance where a corresponding reversal may occur.
EURAUD is approaching its resistance at 1.6199 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance) where it may reverse down to its support at 1.6061 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal may occur.
AUDNZD is approaching its support at 1.0525 (100% & 61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.0581 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 4.2% where a corresponding bounce could occur.
EURUSD is approaching its resistance at 1.1606 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it may reverse down to its support at 1.1493 (38.2% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal may occur.
AUDCHF is approaching its resistance at 0.7033 (100% Fibonacci extension, 50% Fibonacci retracement, Horizontal overlap resistance) where it is expected to reverse down to its support at 0.6891 (38.2% Fibonacci retracement).
Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected.
EURCAD is approaching its support at 1.5095 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.5304 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 1.18% where a corresponding bounce could occur.
NZDUSD is approaching its resistance at 0.6777 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where it may reverse down to its support at 0.6707 (38.2% Fibonacci retracement).
Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reversal may occur.
CADJPY is testing its resistance at 82.12(61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 79.66 (50% Fibonacci retracement) may occur.
Stochastic (55, 5, 3) has reversed off its resistance at 96% where a corresponding drop may occur.
USDCAD is approaching its support at 1.3222 (100% Fibonacci extension, 50% Fibonacci retracement) where it could potentially bounce to its resistance at 1.3445 (50% Fibonacci retracement).
Stochastic (34, 5, 3) is approaching its support at 3.3% where a corresponding bounce could occur.
Reason for the trading strategy (technically):
AUDJPY is approaching its resistance at 78.79 (61.8% & 23.6%Fibonacci retracement, horizontal pullback resistance) where it may reverse down to its support at 75.82 (38.2% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 98% where a corresponding reversal may occur.
SDJPY is approaching its resistance at 109.74 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback resistance) where it may reverse down to its support at 107.84 (38.2% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal may occur.
EURGBP is approaching its support at 0.8926 (61.8% & 50% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.9008 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 6.4% where a corresponding bounce could occur.
EURUSD is approaching its resistance at 1.1423 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, Horizontal overlap resistance) where it may reverse down to its support at 1.1350 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 93% where a corresponding reversal may occur.
AUDCAD is approaching its resistance at 0.9432 (50% Fibonacci retracement, horizontal overlap resistance) where it may reverse down to its support at 0.9433 (50% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal may occur.
NZDUSD is approaching its resistance at 0.6780 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where it may reverse down to its support at 0.6707 (38.2% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reversal may occur.
AUDUSD is approaching its resistance at 0.7150 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal pullback resistance) where it may reverse down to its support at 0.6997 (38.2% Fibonacci retracement).
Stochastic (89, 5, 3) is approaching its resistance at 99% where a corresponding reversal may occur.
Weekly perspective:
Cable firmly entered the parapets of demand at 1.2365-1.2615 in the opening stages of the year, challenging the lower borders of the area before finding willing buyers and pushing higher. Assuming buyers remain defensive, a run towards supply painted at 1.3472-1.3204 may be in store over the coming weeks.
Daily perspective:
In conjunction...
Weekly perspective:
Try as it might, the EUR/USD failed to muster sufficient strength to overthrow merging resistance at 1.1465 and trend line resistance (extended from the high 1.2476) in the opening week of 2019, consequently chalking up a bearish engulfing formation. Further selling from this point has demand at 1.1119-1.1212 to target this week, whereas a...
