Sorenz

Sorenz

It looking at the chart, at the .0729 we a major support and very close to it the R1. The price then is likely to either kiss this level and hit back up, or come down to around .723 and hit the P and the trend line (blue). The COT analysis also indicates that the market sentiment is starting to change to long positions.

Sorenz

Major level and the upper channel line have been kissed. Both Stoch and RSI indicate overbought. There is a pin bar formed followed by a relatively bigger bearish bar. Sounds like a time to short.

Sorenz Updated 

Fundementally, there is an increased confidence in the USD and CAD after sealing the NAFTA 2.0 deal. On the other side for the JPY things are not as good. The typhoon Tarmi has caused a lot of damage all over Japan, reducing the JPY stength. Also the CCI report (although low impact) has reported the index to be 7 points below 50. Meaning that the JPY is getting...

Sorenz

From the daily chart we can determine that 1.1748 is a major level. Fibonacci from the last swing high puts this level on a 0.618 level, which further confirms my assertion. Now looking at the 4 hour chart we can see that the possible landing of the price on our major level, sits really well with the trend line drawn from a couple of periods before. This all...