There is an Head and shoulders pattern formed in chart and the right shoulder is on play right now. I'm going to trade this pattern with tight stops.
Rising wedge has been formed with lower high and also bearish divergence on rsi, suggests that price will take dump soon.
Eur/Cad offers nice trading opportunity as inverted Hs has happeared in the chart. Current price is good for entry. Stop loss should be at least below 0.705 fib lvl. First target is neckline and if it succeeds to break then next target is between -0.236 and -0.382 handle.
Yesterdays daily candle broke the channel and today's daily candle might be the retest candle. 50 ma is giving more confluence as the price is now touching it. Best entry is now, however its agressive but it gives good us pretty tight stop loss, for good reward.
There has been a long bullish trend in Xau/Usd and the price is now at the moment in the weekly resistance zone and also soon at the top of the channel. That means we could see a potential pullback to 1296 zone where the latest bullish push was, where the price also broke daily resistance that is also the reason why i possibly see the price dropping, cause when...
Finally, price has broken trendline and it seems to be successfully retested the level of interest. Yesterday price tried multiple times to break below 1.135 psychological level but failed at it and after creating a double bottom, a price has taken a more bullish outlook and could finally go test 1.141 level and after the level is captured 1.15 is next target....
After breakout and today's retest, we are much likely going to see bullish movement.
price has moved to a resistance zone, if 4hr candle closes above resistance there could be good opportunity to go long.
Looks like Gbp/Cad has made its retest at key levels and buyers are ready to take control for a moment at least to 38.2 fib. Which is giving us a good risk to reward. Fibonacci is drawn from the swing low to swing high and the price has retested important level at 61.8 fib and also made it above 50% fib, where it currently fights for its way to up. A Trend is...
Fib from swing high to low, shows us that price is currently at 38.2 fib. At 4hr chart we have double bottom and bullish engulfing. Good risk reward here.
Looks very clearly, that price could easily go test these levels at next days. At this trade we can get nice reward for a risk, cause there is daily support which seems to be holding, so when placing trades stops can be just below support. Chart itself shows the whys to take trade, so i'm here to just say that manage your money always carefully when trading these markets.
There is reasons explained on chart.
Reasons to trade are: Broke of a rising wedge and bearish divergence in rsi.