ABC Wave 38.2/50 Retrace expected Stops below 78.6 1.618 Extension Target Happy Trading Guys.
* Overall Daily Trend is Up * Midterm trend is showing a downward wedge *Shorterm Trend Is UP making Higher Lows * Await break of trendline and take this pair back up to the 38.2% Daily fib level.
Trading within uptrend Structure *50 Fib zone holds as support * Higher Low on 4hr time frame * Down Trendline over touched
Short term trend break Break of 23.6 level Bearish Momentum Cross Of MA's Happy Trading
This pair has broken several downtrend lines on the 1hr timeframe and 4hr timeframe changing structure! Cross of 8ema & 21sma still indicating upward movement. We currently trade at a RETEST of Daily broken Trendline. Double bottom as 106.200 holds at firm support Target 50% Fib Retracement Level
This pair has broke out the downtrend structure, up through the 23.6 fib level which was once resistance, now holds as support. Im still waiting on one more trendline to break as well as the 38.2 level before going long. It looks like we have a nice bottom structure as well, this move should be a couple hundred pips! -Good Luck
USD/CAD is testing the 23.6 Support Level as we had a break on the daily time frame but it could possibly be a false break retesting the previous structures trendline, we could see one more bounce off suport before this pair makes a higher high testing the 38.2 on the daily time frame.