Short position with a target in the area of the support level.
Support for long-term uptrend is broken down. But the mood for continuing the uptrend is still quite strong. In my opinion, while the most likely trade between medium-term support / resistance levels.
8 failed attempts to close below 0.92900. We find heavy support here looking back historically aswell. In the background we also see a completed gartley, and we also have a double bottom followed by a 61.8 retracement which acts as my entry point. The momentum is turning in our favor. IF, however, we break to the downside we will most likely find another...
After a few successful long entries on AUDCAD -0.10% , I follow up with another one. My clues here are: Bounced off historical support/resistance level. Bullish trendline as support Cypher-pattern completed Double bottom at above mentioned level of interest Momentum turning around Targets marked on chart. First target markes the 0.618 fib...
Lets find out Price action is very clearly showing signs of bullish intention. Blue arrows - Respecting structure. Purple arrow - Respecting trendline. In this we also see a 2618, which I have not drawn out. See if you can spot it yourself. (Also note that it broke and close above falling trendline) Long since 1.01688 Lets see if we can pull some profit...
We have a triangle forming, and within it a Gartley completing right at bullish trendline / lower triangle. We also have a AB-CD within the gartley to strenghten the gartley pattern. Targetting 0.382 fib of A-D move, stop loss below trendline.
Cad/Jpy very probable to continue its down move. Selling at the break of the trendline looks like a good idea. Expected target around 85.00
We have another bat completing while writing this. The previous 2 bats caught today did not hit home with dollar strenght pushing both gold and eur down. Lets see if we can fly with this bat, third time is the charm. Bat, oversold conditions and a nice round number (1.00000) is reason enough for me entering this.
A setup we know as 2618 shows itself, giving us an opportunity to get long on this pair. Target a full retrace back to the recent high and stop loss below double bottom. As usual, I put my entry a few pips below the conventional entry point to improve my risk to reward ratio. AUDCAD has been a tricky one for me lately, but we cant let that stop us. Order is...
We have a gartley completing right above a clear structure zone that should act as support. I'm putting my entry order within the structure zone for better risk to return. All in all, A small trade with relatively good risk to return. Lets hope we get filled!
Price action broke out of consolidation / structure channel to the upside. We find an opportunity to get long at the 0.618 retracement of the bullish leg. Structure and bullish trendline adds up as support. We also see a 2618 with the double bottom followed by the break out and 0.618 retracement Order is pending, lets see if we get filled!
Time to get short!.. Or long!.. Or both. We're currently in a previously tested channel with support/resistance both above and below. We see two pattern forming. Gartley (red) and bat (yellowish). Orders are pending on both, lets see which gets filled!
Inside a forming bullish pennant we find a opportunity to get long with retest of trendline/lower pennant line which should act as resistance, together with the completion of a Cypher-pattern. I entered 0.95435 with target at 0.95633 Stop loss below previous support.
Long FX:USDCAD . Price has stalled at support, we could get a rise to previous resistance.
The chart shows INVERTED dollar index (blue) vs CAD index (candles). There is a clear correlation between inverted dollar and CAD - that is, a stronger dollar negatively impacts CAD - likely since a stronger dollar weighs on commodity prices in general. At present, there is a strong divergence between CAD index and inverted dollar. This needs to be...
Uptrend from late 2016 should support the greenback against the Loonie. Fair value around 1.40.
USDCAD is at pre-election lows. USD has appreciated against most other major currencies - except CAD. This needs to be corrected. There is much uncertainty regarding trade agreements between Canada and USA post-Trump. There is an increasing yield differential between US and Canadian rates. USDCAD is an attractive buy at these levels.
Dollar strength is here to stay. Fiscal stimulus, rate hikes, $10 trillion off-shore dollar debt, rising US yields, DXY breaking out of a multi-year consolidation zone. The attached chart shows a strong INVERSE correlation between DXY and oil. As the dollar strengthens, the oil price soon follows. At present, there is a MASSIVE divergence between the oil...