Looking for a USD dump upon test of 78.6 fib. Macro factors also looking in our favour for this setup. Email me @harryjamescook@icloud.com to join private discord.
Potential Head and Shoulders forming on Weekly timeframe, confluencing with longer term fib 61.8 looking fairly promising if we see the euro slow down.
Extremely Clean price action. Im sorry guys, I forgot to upload this idea upon entering although we could still see a retest of the highlighted zone. Weak pound as we have seen our GJ Long trend line broken and therefore resulted in manual close.
After three non favouring weeks on this pair, I believe we are well overdue for a retracement.
--> RSI is indicating incredibly oversold.
--> We have also perfectly rejected off of the descending channel which is the body of the major head and shoulders on this pair.
--> The resignation of Theresa May and some further upcoming fundamental news, may stipulate...
USD CAD reaching higher lows. If we see a breach and retest of 1.35150, I will enter a long to the next region of resistance at 1.35942 (80 Pips) which aligns perfectly with the -27% Fib.
I was playing around with the fib retrace and realised historically, each time the RSI reaches below 30 on the daily, we see at leat a 38.2 retracement from the previous high. Also, with the major head and shoulders forming, I believe this could be the end of the bearish momentum that has been pressuring this pair for the previous weeks. Of course some fundamental...
