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Elliot Wave: NZDCAD Bearish Continuation SetupSupport this analysis with your likes and comments! This is an update on the previous Daily setup shared a few weeks ago. NZDCAD reversed and broke the S&R zone and ascending trendline impulsively in wave i. According to Elliot Wave theory, impulse move is always followed by a three-wave correction. In NZDCAD's case, the short-term rally is currently taking the shape of a-b-c zigzag pattern in wave ii. Price is contained within a parallel channel and also retesting a significant supply zone. While the retracement can entends to a complex corrective structure, we can take a short entry from the current market level as long as the protective stop is placed at the major invalidation level which is the red line on the chart. Price has the potential to move downwards towards wave (a) low in wave iii of (c). The break of the green lines can be used as a conservative entry. The major invalidation level is the red line on the chart. What's your view on NZDCAD? Let me know in the comment. Thanks for reading! Veejahbee.
Short
by Veejahbee
Will it continue to fall?This is the main question we have been receiving since yesterday in relation to GBP. We sold the GBP last week and closed 225 pips yesterday, announcing the new levels of support and expecting it to reach them. Even right now, if you want to get into a trade, the better option is sell! The trend line has been broken, the main levels have been broken and we will look for a decline to the next ones. The fundamental side of things also shows that things are not looking good for GBP and if something does not change, we will see a new decline. The possibility of Boris Johnson not complying with the agreement with the EU contributed to yesterday's sales. Will it fall - yes! When, with what stop and how far you can find out by contacting us.
Short
by ForexTrendline
BTC USDTOn a 1 hour chart, I have spotted a strong support zone that price didn't break through after its bearish movement for the past few days and I have also spotted a head and shoulders formation on the chart which I marked out inside the zone. Price has broken through the resistance of the descending triangle formation line towards that strong support zone. For trade setups, I will advice you wait for price to retest the support of the descending trend line. But notwithstanding, market will MOON soon.
Long
by Cavicon
GBP JPY - long smaller time frameHello analysts and traders, We have an end of monthly candle close this week - price will look to close a bullish monthly close which is perfect. September will be an interesting month. Our trade is still running - but will test the wick at 141.6XX area. On the smaller time frames 141 hurdle is still showing a good area where an engulfing on the 15min showed a good promise to add a position. A smaller time frame entry is the 30min candle close - price can show an opportunity for price to discount itself. Be aware of the UK bank holiday - however trading can still commence. For us personally only a small entry was taken - 140.96 - but has enough movement to wick fill. Enjoy the end of month. More analysis to come in a pivotal month of September. Thanks for following us and liking our analysis. Team Lupa.
Long
by LupaCapital