Price is currently located in the lower region of a supply-zone and may be forming an exhaustion flag.
THIS TRADE IS VERY RISKY AND THE STOP-LOSS SHOULD BE KEPT AT A MINIMUM!
The safe-haven currency is showing signs of continuation of its strong trend. I have been mixing medium-term (couple of days holding) trades and very short-term scalps (minutes to a few hours). This trade is another high-risk scalping position.
Price divergence, top of ascending trendline, exhaustion wedge formed at the top and psychological resistance level above (1320). Great potential to short gold
S&P500 made lower highs and lows on the HTF (4H, D) and is currently forming what looks like a potential bear-flag. I have a position open @ 2799.
Next expecting short target is around 2780.
These are the two possible scenarios I see on the XRPUSD-pair.
Because we are situated inside a falling wedge pattern I believe that the upside target are more in our favour than the downside target.
Still, I would be careful and ready for both scenarios.
First NFP report of 2019 released last friday. Here is my analysis on USDCAD following the release...
January 2019
Average Hourly Earnings
Prev: 27.37
Actual: 27.48
Change: +0.4%
YTD change: +3.2%
---------------------------------
Income increases -> Spending increases (Demand increases) ->
Disposable income = average income - taxes
If manufacturing...
Here is my analysis for USDCAD next week until the release of CAD CPI :)
MONTHLY:
OVERRALL BEARISH SUPERTREND...
WEEKLY:
PRICE IS CURRENTLY LOCATED ON THE TOP OF THE BEARISH SUPERTREND INSIDE A CONTINUATION PATTERN.
DAILY:
PRICE IS INSIDE A DAILY CONTINUATION PATTERN. IF WE COMPARE THIS TF TO THE WEEKLY WE CAN SEE THAT WE NOW HAVE
A PATTERN-WITHIN-A-PATTERN...
The price is currently inside a wedge-type pattern. The pattern is showing hints of bears gaining control and I expect the pair to continue it's bullish momentum until it reaches the 1.285-1.29 zone which probably will execute the short SL's which in turn will drag down the price and invite more short-sellers to join. Further analysis will be posted later...
