Hello Traders,
Here is the Top-Down Analysis of EURCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 40 - 30 Sept
M > Price is moving in a triangle. Price has completed W formation by dropping to test the neck.
W > We can see M formation and expect price to move up to test the neck of M as our first target. We can also see W formation, its neck will be our second target.
D > After dropping to test the neck price was consolidating for past 4 days with a false break to the downside.
As per COT EUR saw addition of more Long than Short, increasing net positions whereas EUR was weak for the said week. EXY was very weak last week and it is testing support level now. JPY had addition of more Long than Short, same was with N-R and Commercials also saw addition of Long and Short, this made JXY strong for the said week. Whereas JXY lost its ground last week. JXY is testing support now.
4H > Price broke consolidation to the upside and is moving towards our first target.
Pair Correlation > EURJPY has positive correlation with CHFJPY, CADJPY, GBPJPY and AUDJPY and negative correlation with USDCHF and USDCAD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of EURCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 40 - 30 Sept
M > Price is moving in a triangle. Price has completed W formation by dropping to test the neck.
W > We can see M formation and expect price to move up to test the neck of M as our first target. We can also see W formation, its neck will be our second target.
D > After dropping to test the neck price was consolidating for past 4 days with a false break to the downside.
As per COT EUR saw addition of more Long than Short, increasing net positions whereas EUR was weak for the said week. EXY was very weak last week and it is testing support level now. JPY had addition of more Long than Short, same was with N-R and Commercials also saw addition of Long and Short, this made JXY strong for the said week. Whereas JXY lost its ground last week. JXY is testing support now.
4H > Price broke consolidation to the upside and is moving towards our first target.
Pair Correlation > EURJPY has positive correlation with CHFJPY, CADJPY, GBPJPY and AUDJPY and negative correlation with USDCHF and USDCAD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX