PRICE JUST BOUNCED OFF A VERY RESPECTED AND STRONG SUPPORT ZONE AND IS PROCEEDING UPWARDS. LOOKS LIKE A 300 PIPS MOVE. WILL TAKE 1 OR 2 DAYS TO REACH TP.
EU LONG IDEA. THE PICE REACHED A PREVIOUSLY RESPECTED SUPPORT/TREND LINE. LOOKING AT THE PREVIOUS UPWARD PUSH WE COULD EASILY BAG BETWEEN 40 AND 50 PIPS.
GBPCAD - Downward channel here. Looking like we may see some form of rejection around the upper channel trend line. Lines up well with the resistance level and double top. As mentioned on the note, we will need to wait for rejection at our targeted zone.
AUDCAD - Nothing major on this one at the moment. Will be waiting for a break to the downside of the corrective structure, and support (yellow zone) before entering anything here.
EURCAD - Bit of a triple top before rejecting the resistance with a big bearish candle. Should see a further push to the downside, and then potentially break the trendline.
AUDJPY - See a pennant structure forming here. Will be waiting for a breakout of this pattern before entering a position. Currently near a strong hourly, and 4 hourly resistance level as well, so if we break upside, and break above the resistance we can look to add more positions.
GBPJPY - We have a downtrend closing in on the support level. Will be waiting for a break or a bounce from the trendline resistance here. If it is a break and retest I would go Long, I would have 3 TP's: 48 pips, 75 pips & 114 pips and SL would be 20 pips. Small SL because I don't really want to stay in the trade if it goes back into the wedge.
CHFJPY TRADE IDEA. Price can go on 2 different ways. For the LONG position I would wait till the retest and after it bounces off, My TP is 150 pips and my SL is 60 pips. For the SHORT position I would wait till it breakes below and maybe retest the resistance, the TP for the SHORT position is 150 pips and the SL is 50 pips.
