Posting my thoughts on the daily cycle according to Wyckoff
GBPUSD to continue to buy to 1.37445 ( an area of equal highs), to then sell to the 1.36991 , this is 50% on fibs , it can push further down to the 79%zone of 1.36622.
Bearish pennants are continuation patterns that mark a pause in the movement of a price halfway through a strong downtrend. - They occur just after a sharp drop in price and resemble a triangular flag as the price moves sideways, making gradually lower highs and higher lows. - The downtrend then continues with another fall in price.
EURCAD Bullish to Bearish head and shoulders pattern to drop to the pivot point 1.54342. Left shoulder: price rose followed by a price peak at 1.54941 followed by a decline. Head: Price rose again forming a higher peak at 1.55262. Right Shoulder: A decline occurred once again followed by a rise to 1.55112 to form the right peak which is lower than the head.
GBPCAD finally had an impulse move to the upside for a nice bull run. Must have a correction of this imbalance , will be taking a short. as it has broken our trend line.
Long term buy, after running flat on the 15 min time frame.
Price failed to break the support zone 78.475 and made an impulse move upward for a long term buy to the 4 hour resistance point 81.600 in an upward channel.
USDJPY just completed a downward channel pattern on the H1 time frame and broke channel to the uptrend respecting the trend line. It might go long term to resistance zone 106.447.
CADCHF to retest the trend line for a short term sell , then to head to resistance zone 0.70491 for a long term buy.
Based on the 4 hour time frame must break support 1.72789 to go long term to resistance 1.75193, but might get pull back at pivot point 1.73752
GBPCHF appears to be in a corrective move of the cycle as shown on the daily. doesn't mean we can't collect some good short term buy and sell opportunities between the bounce within the support and resistance in this corrective cycle.
Double bottom (W) formation on the 4 hour time frame from the pivot point 1.30655. I expect a buy to the 1.321647 resistance zone.
Long tern EURJPY buy but first it will retrace to the 50% zone on the Fibs. Then continue its trend upward to the 61.8 zone derived from the Fib extension.