OrcChieftain

OrcChieftain Updated 

GBP has revisited accumulation zone from where we broke down and moved significantly. I expect this to continue. This is supported further by a weekly level that is clear from the chart. Look at the volume, also. Downward pressure is supported by major volume too.

OrcChieftain

EURCAD has broken out of a symmetrical triangle. Although the move wasn't explosive, it still countz. ► Negative fundamentals The ongoing war has propelled oil above 100 and is still continuous. Other important commodities exert similar behavior. Not only that energy compoundz roughly 25% of the costs of mining, but Russia also used to export other raw...

OrcChieftain

AUDCAD moved in the downside direction in an expanding wedge pattern. It is seen on the Daily and even better on the Weekly timeframe. Both of the currencies are influenced by commodity prices. The difference maker might be interest rates of the central bank with CAD winning here (hence downside bias). I think the makers might use volatility derived from the war...

OrcChieftain

AUDUSD is breaking out of the triangle or in other words - becoming relatively volatile. I like this green counter-response to yesterday's drop. Although USD is still perceived as safe haven and a currency to return to during the crisis, if Russia is to be removed from global supply chaines, Australia is one place to buy commodities. Hence the countries might...

OrcChieftain

USD is growing due to geopolitical tensions and war. Investors still perceive US dollar as safe haven currency. CAD highly correlates to oil that is also growing due to tensions and war. This makes me think that today's growth may have been not exactly rational as Europe may need to start searching for new oil suppliers. I am going to attempt this short.

OrcChieftain Updated 

This energy stock is nearing its previous month high where a gap also nests. Both could be used for a bounce. Especially if the oil prices continue in the current direction which I believe in.

OrcChieftain

Look into the volume of the previous few candles. Yesterday's drop had no volume whereas one of the previous candles that was half the size had more than triple volume. This is an anomaly. If the red candle carries low volume, it is less reliable. Lesser volume was likely due to bank holiday in the US. Holidays are often used to create fakeouts as it takes less...

OrcChieftain

Opened a short position here. It can go relatively far and bottoms/tops look similar to what has already been painted onto the chart.

OrcChieftain

There are two rejections (favorable price action) Both of them peak at a roughly same sport creating a double top near the resistance (slightly above) Then, there is a breakout of a miniscule consolidation range which still counts (for less) I keep my short open!

OrcChieftain Updated 

If price action confirms the circled area, I will take a short from there.

OrcChieftain

I like the short setup now, because if there is a breakout, it will be magnificent. I picked GM mainly due to fundamental reasons. If price of oil is too high, people won't get a car when they can't afford a fuel. In the long-term, GM will lose market share to prominent electrict vehicles manufacturers. This switch to electrict cars is another good reason. I...

OrcChieftain Updated 

Based on channel fakeouts projections, we are likely near the short-term top.

OrcChieftain

I think GBPUSD will subvert expectations and will fall from the technical level of 1.36 BoE increased GBP rates but FED is planning to increase USD rates which is kind of taking the central stage.

OrcChieftain

I always keep the Oil chart along with my USDCAD chart. Growing oil price influences very positively Canadian Dollar and somewhat negatively US Dollar. It is interesting to see this correlational influence dampened in favor of much stronger news regarding a potential rate hike. I think there is a chance the oil market will be up for a short correction. Fundament...

OrcChieftain

This position is a trade between two safe havens. One is, however, highly backed by gold. With gold's fall, the pair will grow.

OrcChieftain Updated 

This is interesting. Unless a major sell-off happens on the oil market, this does not make sense and the USD will weaken with interest in a couple of hours. Even though both are major producers of energy resources, CAD is much more influenced by high oil prices. Hence, USDCAD should go down not up.

OrcChieftain

Gold is nearing bottom of the triangle, whereas USDCHF approaches resistance.

OrcChieftain

I believe the price has bounced off the 9.0 level again. With OPEC that has been undershooting its targets in recent months, I don't see an oil drop, hence USDNOK is fundamentally bearish as well as technically.