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Priceactionstrategy

USDCAD: TO 1.45000!USDCAD: broke below 1.39750 key psychological and snapped back above support (fake out). Price managed to close off a strong daily candlestick which engulfed six days of daily price action (notice the size of the daily engulfing). Scaling down to the 4hr time frame we can see price ranging between 1.39500-1.45000. Also notice how price broke above this down trend and is on the way to retest support, the trendline, 61.8% fib retracement, and 1.39750 quarterly psychological zone. If price shows any signs of rejection or manages to maintain above this zone, then look to buy USDCAD to 1.45000 key psychological zone. However, if we violate this zone then we must reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.
Long
by ChartAddicts
USDJPY: Longs To 109.000!Daily Time Frame: We can see price creating a double bottom formation at 107.000 key psychological support. Also notice on the second bounce how price created a morning star reversal formation. Scaling down to the 4hr time frame, we can see that this market has been ranging between 107.000-109.000 key psychological. If price comes down one more time to 107.000 support and show some signs of rejection, then we can look to buy this up to 109.000 resistance. However, if price violates this support and close below, we must reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.
Long
by ChartAddicts