Price action in the MJ Sector are known for their extremely quick movements and the euphoria is short lived as retail traders take their profits. A quick and massive short squeeze plus hype from overall market sentiment is what it will take for this movement (Since much of the traders of ACB are retail traders). Historically it has done exactly just that. Waiting...
Hello there guys, after few day of inactivity, after the weekly close, yday monthly and quarterly close we have still the bounce up due to oversold reasons going on. We could see the volume was declining, hence a possible rebound due to oversold regions in almost all oscillators. We broke our 1st resistance point at 8290-8300, next possible resistance is 8800,...
EurCad is in overall consolidation right now following the high impact news yesterday. At resistance I think we can see a small push to the downside.
Expecting to see some relief from the support level then a possible retest of the lows due to being in a decent downtrend with some strength in RSI
EurAud is currently at a fairly respected level of structure of minor resistance with decent inside movements. We are overbought on Rsi aswell which can provide us with some relief, divergence on the 60 and rising channel on the 5min
AudJpy has put in a strong move to the downside and currently at support so we can see some relief but also a retest of the lows due to the strength of the move to the downside.
Falling channel at support on the 60 can see some relief to the upside. Daily bias is bullish aswell so confirms nicely. few rejection wicks past the support level too.
NzdUsd coming from a decent level of resistance has some room to go lower just above the even handle as a target projection. however if we come past it into tat killzone I think we can get a retest based on the trend and the strength in that initial move.
on the 60 we have a small consolidation which we have a break to the upside and potential to go a bit higher. On the Daily we bounced off support and can predict the relief even higher to inside structure based off the daily.
Currently at a minor level of resistance we can expect some relief and if we come to our killzone we can then even look for a potential retest of the highs. I wouldnt look past that level for extended targets personally.
Small counter trend opportnity to catch around 10 pips bouncing and rejectig of resistance currently. Being overall in Consolidation I wouldnt look for targets past that minor level of support.