TECHNICAL:
Reason 1:
- Price been confined within an ascending channel since 10/11/2016
- Currently close to, but not yet touched the lower ascending trend-line
Reason 2:
- Within the ascending channel price finding support on a lower descending trend-line since 20/04/2018
- This trend-line intersects perfectly with the lower ascending trend-line of the Ascending channel
Reason 3:
- Where both trend-lines intersect, coincide with the 78.6 fib re-tracement of the bullish move up from 19/03/2018 - 22/05/2018.
Reason 4:
-78.6 fib + trendline intersection coincides with 82.000 Physchological level.
FUNDAMENTALS:
- Recent OPEC meeting in Vienna on Friday resulted in an output increase, market took this well and Oil across the board increased,
Oil and the Canadian dollar are positively correlated therefore this increase in Oil prices should be seen in this pair too hopefully.
- Ongoing trade dispute between China and US has hit the Asian markets badly including the Japans Nikkei 225 , with no sign of an agreement I believe this may continue to provide weakness for the Japanese Yen , subsequently strengthening the New Canadian Dollar further.
STRAT:
- Setting an alert for when price reaches 82.1 (10 pips above 78.6 fib + Physc level), will then watch price action for bullish setup to go long.
- Will update this idea as price comes lower hopefully
--Appreciate any thoughts, comments. Constructive criticism only please, thanks for reading.
James .
Reason 1:
- Price been confined within an ascending channel since 10/11/2016
- Currently close to, but not yet touched the lower ascending trend-line
Reason 2:
- Within the ascending channel price finding support on a lower descending trend-line since 20/04/2018
- This trend-line intersects perfectly with the lower ascending trend-line of the Ascending channel
Reason 3:
- Where both trend-lines intersect, coincide with the 78.6 fib re-tracement of the bullish move up from 19/03/2018 - 22/05/2018.
Reason 4:
-78.6 fib + trendline intersection coincides with 82.000 Physchological level.
FUNDAMENTALS:
- Recent OPEC meeting in Vienna on Friday resulted in an output increase, market took this well and Oil across the board increased,
Oil and the Canadian dollar are positively correlated therefore this increase in Oil prices should be seen in this pair too hopefully.
- Ongoing trade dispute between China and US has hit the Asian markets badly including the Japans Nikkei 225 , with no sign of an agreement I believe this may continue to provide weakness for the Japanese Yen , subsequently strengthening the New Canadian Dollar further.
STRAT:
- Setting an alert for when price reaches 82.1 (10 pips above 78.6 fib + Physc level), will then watch price action for bullish setup to go long.
- Will update this idea as price comes lower hopefully
--Appreciate any thoughts, comments. Constructive criticism only please, thanks for reading.
James .
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.