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USD/CAD PREDICTION ON 17.08.2023At the moment, the Canadian Dollar (CAD) is exhibiting a bearish trend. Several factors could be influencing this downturn, be it economic data from Canada, global oil prices, or international trade dynamics. It's vital for investors and traders to keep abreast of relevant news and economic indicators from Canada. Always combine insights with personal research and consider seeking advice from financial professionals before making investment decisions.
Short
by mazayafx
GOLD Short Opportunity with an alternate option to go longThe price of GOLD this August is controlled by the bears, as seen on the monthly chart. The weekly price is also controlled by the bears, supporting our short idea. As we are inside the parallel channel, we must be patient to short near the resistance of the channel which is also in confluence with the opening price for the week. If the short materializes, we can take profit near the bottom range of the channel. If price breaks out of the channel (as shown using the orange arrow), we can wait for a retest of the channel and go long but take profits quickly as bears are still in control of the month and we are still inside the downtrend channel.
OANDA:XAUUSDShort
by paolojuesna
3
EURUSD ShortBy this analysis, many traders will probably end up losing, but we are looking for a selling opportunity. From the weekly timeframe, we are still bearish, and we perceive the intraday bullish signal as a result of NFP (Non-Farm Payrolls) and trapping retail traders into long positions. We would much prefer to take advantage of the weekly liquidity around 1.08350 (grab) and then start buying in weekly FVG. But waiting for confirmation candle. Leave a comment below what do you think.
Short
by Monesta
1
CARVANA Signs of a PULLBACK Evident and TARGET AREASHi guys, this is a technical Analysis on Carvana (CVNA) on the 3 Day Timeframe. We've had a MASSIVE rally in CVNA, from MAY till reaching our current MAJOR RESISTANCE ZONE indicated by the GREEN RECTANGLE with RED borders. We've reached it and got rejected from it on July 19th. We've made our way back up however and are currently forming a LOWER HIGH. Note however, our current 3 DAY candle closes on the 9th of August. Make sure to pay attention. Friday we had a 12% sell off, where currently our price action is below the 0.786 FIB Level. If we close below on the 9th, the other FIB levels become more probable to reach. Becoming BUY ZONES and Potential PRICE BOUNCE areas. Our MASSIVE RALLY occurred due to 2 TA reasons: 1. MASSIVE BULLISH ENGULFING CANDLE that blew past MAJOR REISTANCE TREND LINE from BLOW OFF TOP (BLACK line) 2. GOLDEN CROSS, where the 21 EMA CROSSED ABOVE 50 D SMA However in my Opinion this rally, is NOT sustainable. Notice how SLOPED it is, indicated by this sharp upward channel in BLACK. I believe something is going to give, especially now that we hit this MAJOR RESISTANCE RECTANGLE ZONE. I also believe we have not created strong MARKET STRUCTURE, we just went PARABOLIC. This has weak foundation and is probable for a price correction. Our direction i believe is to fall to the various TREND lines, MOVING AVERAGES and FIB Zones i drew, put on charts and highlighted, respectively. Notice the trendline our current PRICE ACTION is resting on, if we BREAK this, look to the LOWER SUPPORT TRENDLINE of the UPSLOPING CHANNEL. I am also looking to the 0.618 FIB and 0.5 FIB Levels as BUY ZONES and areas we test, especially if we CONFIRM BELOW the 0.786 FIB level. AND Note: It is also likely that when we TEST the FIB levels as SUPPORT, PRICE can move up. Remember that if we don't reclaim or CONFIRM as SUPPORT ABOVE the previous FIB level we broke down from, it is likely price falls again. I am also looking at the 21 EMA (ORANGE Moving Average) as another area i believe we may test as SUPPORT in the days to come. I Use this EMA alot to indicate BULL TRENDS and BEARISH TRENDS. When PRICE is ABOVE = BULLISH, or BELOW = BEARISH. Another interaction that occurs is that sometimes when stocks move up in PRICE, it usually comes back down to TEST the 21 EMA as SUPPORT. Which WE HAVE NOT YET SEEN a test of SUPPORT on 21 EMA since we went PARABOLIC. This adds to evidence of WEAK Market Structure. If & When we TEST IT, we bounce off, thats healthy and sustains the BULL RUN, but IF we breakdown confirming as RESISTANCE, WE can test the GREEN Moving Average, the 50 D Moving Average as SUPPORT. NOTICE: SUPPORT CONVERGENCE of the 21 EMA, BLACK TREND LINE and the 0.5 FIB level. This area could be an AREA we can have a potential bounce from. When many support zones meet, it becomes a powerful support level. Also NOTICE: BLACK TREND LINE meets at 0.618 FIB level EMA will also continue upwards, provided price stays above the EMA. If all FIB LEVELS FAIL, which is always possible but for now not as PROBABLE, LOOK to the MAJOR SUPPORT RED HORIZONTAL LINE as our life line. This could be our base for sideway or range bound action. Keeping that to the back of your mind can give you perspective of the possibilities of where PRICE can go. But lets take it ONE STEP AT A TIME. Now lets look to the RSI, Notice how we've been hanging around at the OVERBOUGHT ZONE since early JUNE. Longer we stay up it becomes more likely we come down, once we do it indicates SELL OFF. One pattern i like to use is watching how the ORANGE RSI LINE interacts with the Moving Average i added to my RSI. If we CROSS below the Moving Average, it usually indicates that we have SELLING and a DOWN TREND. Notice the PREVIOUS EXAMPLES 'ive highlighted. Now Notice the STOCH RSI. We are getting close to a BEARISH CROSS below the 80 level, indicating BEAR MOMENTUM and SELL OFF. Also focus in on the BLACK HORIZONTAL LINE, watch for any bounces back up. This could give way to BULLISH Momentum coming back into CVNA. CONCLUSION: Cavana has had an explosive run, where in my opinion it is not sustainable for the time being. Especially so that we've hit a MAJOR RESISTANCE ZONE. A pullback is inevitable. Ive highlighted some ZONES and Support convergences that, in my opinion can be areas of POTENTIAL BOUNCES and BUY ZONES to observe. When thinking about price dropping, its important to look at it ONE STEP AT A TIME. Example -> Look to the 0.786 FIB level first, if we close & CONFIRM below, look to the next TREND line or FIB level or other ZONES highlighted above and be level headed. This is ABSOLUTELY NOT A TIME TO BUY in my opinion. Alot of signs show overbought conditions especially in the RSI and STOCH RSI. Wait and observe to see what happens for the next 3 day candle close. Hope this helped. Please support my ideas and my effort by boosting, following and commenting! Thank you for taking the time to view of work. Any questions, reach out. DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. When trading always spend majority of your time on risk management strategy.
NYSE:CVNAShort
by SafofAllTrades
2
Prediction for Next week EUR/USDThe upcoming week could see the Euro (EUR) on the back foot against a basket of major currencies. Various economic, geopolitical, and technical factors are all aligning to signal a bearish trajectory for the common currency. Here are the primary reasons underpinning this sentiment: Economic Data Disappointments: Recent economic data releases from the Eurozone have consistently missed expectations. Key indicators such as manufacturing PMI, retail sales, and unemployment rates have shown signs of a slowdown in the bloc's economic momentum. If this trend continues, it will likely weigh down on the Euro. Monetary Policy Divergence: The European Central Bank (ECB) has remained dovish in its monetary policy approach, contrasting with other major central banks that are hinting at tightening. The continued accommodative stance from the ECB may hinder the Euro's appreciation potential. Geopolitical Tensions: Ongoing geopolitical uncertainties in the region, be it disputes within member states or external pressures, can influence investor sentiment. The risk-off mood might push investors towards traditionally safer currencies, causing the Euro to dip. Technical Analysis: From a chartist's viewpoint, the Euro has been making lower highs and lower lows – a classic technical indication of a bearish trend. Key support levels have been breached, and the moving averages might be signaling more downside. USD Strength: The US Dollar (USD), often considered a safe-haven currency, has been rallying due to favorable economic data and a hawkish Federal Reserve. A stronger Dollar often inversely impacts the Euro. Risk of a COVID-19 Resurgence: The possibility of a fresh wave of the COVID-19 pandemic, driven by new variants, is also a dark cloud on the horizon. A resurgence could dent economic recovery hopes and consequently harm the Euro. Trade Dynamics: Ongoing trade discussions and potential disruptions can impact the Euro. Any negative developments on this front can induce a bearish sentiment for the currency. Investors and traders should be vigilant and monitor incoming data and developments closely. While the overarching sentiment is bearish, it's crucial to remember that markets can be unpredictable, and external factors can rapidly change the trajectory of the Euro.
by mazayafx
1
GBPAUD Short BearishGBPAUD Short Bearish Take 1% of your account The GBPAUD short bearish idea is supported by two key technical indicators: Dow breakdown and bearish divergence. Dow Breakdown: The GBP/AUD currency pair has experienced a breakdown based on the DOW theory, which suggests that price movements in one market can influence price movements in another market. A breakdown in the DOW can potentially impact the GBP/AUD pair, indicating a shift in momentum in favor of the bears. Bearish Divergence: In addition to the Dow breakdown, there is a presence of bearish divergence in the price action. This occurs when the price makes higher highs, but the corresponding indicator (such as RSI or MACD) makes lower highs. It indicates that the buying pressure is weakening, and a bearish reversal might be on the horizon. Combining these two technical signals, traders might consider taking a short position on the GBP/AUD currency pair, anticipating further downward movement in the exchange rate. However, it is essential to perform further analysis and risk management before executing any trades. Traders should also be aware of potential risks, such as unforeseen market events or changes in economic fundamentals that could impact the currency pair's direction. As with any trading idea, it is crucial to consider your own trading strategy and risk tolerance before making any decisions.
Short
by MAAwan
Short Bitcoin on Weekly ChartI still cling to the analysis carried out 15 days ago, we are $1k below the price at that time, nothing has changed in terms of Elliot waves, the fractals remain unchanged and the probability drops to levels of 38% to 50% Fibonacci forecast is still in effect. Here I cannot add the candle in monthly terms, but if you can search for it, you will see that it is negative and has diminished the gains from the previous month's rise. On a weekly basis, it gives us better detail of what it wants to do, since on a daily basis it has remained in a large lateral range. If we look at the stochastic indicator, we see that the area above 80% has been touched 3 consecutive times, which means an overbought , thus generating a bearish divergence together with the value of the price, follow the projection but always operate cautiously because any fundamental can drastically alter the price.
BITSTAMP:BTCUSDShort
by richycalde