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ExecutiveMadrid
Oct 15, 2016 8:01 PM

CADJPY SELL/BUY IDEA Long

Canadian Dollar/Japanese YenFXCM

Description

MONTHLY AND WEEKLY CHARTS SHOW PRICE TO BE COMPLETELY OVERSOLD AND AROUND MAJOR TREND LINE. RSI, STOCHASTIC AND MACD SHOW PRICE TO BE OVERSOLD IN MONTHLY AND WEEKLY CHARTS. THIS PAIR WILL BE BULLISH OVER A FEW MONTHS, I WOULD SUGGEST BUYING THIS PAIR AND HOLDING IT FOR A WHILE. DAILY, 4 AND 1 HOUR CHARTS SHOW PRICE TO BE IN OVERBOUGHT ZONES. ON 1 HOUR CHARTS PRICE HAS FORMED DOUBLE TOP, M FORMATION AND SHOULD SEE A CORRECTION DOWN FOR LESS THAN 24 HOURS. I AM EXPECTING PRICE TO HIT 61.8 FIB ZONE FOR AN IMPULSE ALL THE WAY BACK UP. ONCE 61.8 FIB ZONE IS HIT I AM EXPECTING PRICE TO MAKE HIGHER HIGHS AND BREAK PREVIOUS HIGH. ONCE 61.8 FIB IS HIT I WOULD SUGGEST BUYING AT THAT ZONE AND HOLDING FOR A WHILE AS MONTHLY AND WEEKLY CHARTS SHOW THIS AREA TO BE VERY OVERSOLD. THIS WILL BE A GREAT OPPORTUNITY FOR A SWING TRADE AND LONG TERM INVESTMENT. TRADE WITH CAUTION.
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