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Bullish pullback after forming a low.
Market looks like its next support been found.
Very bearish market structure with a small pullback now.
Expecting prices to rise on monday-wednesday...
Directional bias is bearish. Ride up to TP at the 61.8%, .76074. Retracement level from the monthly downtrend. Need break of inner trendline, oversold on stochastic and bullish candle formation to enter. Short term buy at .70732.
The price has already broken a triangle pattern showing a strong push to the downside.
I am expecting a pullback back into the triangle (uptrend line part) and further to push to the downside.
- Entry Price @ 10 Pips near the triangle
- Stop Loss @ 0.71900
- Take Profit @ 0.71520
AUD/USD: We are leaning towards more of a long bias with AUD/USD. We feel that we could see this pair push past .74, although we are not weighing out the possibility of a higher low being formed and .7050 met once more before pushing up to the .74 area
Here we have AUD/USD ,as previously stated I'm still potentially looking like two great trade set ups. I feel we will be rejecting off the .7150 resistance and we are going to come down and test .7050 as support.
Although it's important to note this pair is looking very bullish in my opinion so shorts will come with some risk. If you'd rather be patient then you...
Based on the massive double bottoms found on EURUSD and GBPUSD which are both correlated to this pair to some degree I take note of the following:
1. Double bottom formation (will complete if today's candle closes as bullish as it is now)
2. Trend line is being broken
3. 50ema is being broken
4. The current candle is a great signal candle
Aussie was in an uptrend for a while, since last month its struggling to make a new high, price fell of the trend line and found support at monthly support 0.7750 level. Price then went up a bit but failed to go beyond 0.7875 level, this level has been test 3 times now but haven't been broken. Last friday price test level again and got rejected closed as bearish...
Sell below 0.7550. Stop loss at 0.7620. Take profit at 0.7370.
Reason for the trading strategy:
Price is now reacting off major resistance at 0.7550 (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension) and we expect to see a strong reaction off this level for a drop to at least 0.7370 support (Fibonacci extension, horizontal swing low...
Sell below 0.7548. Stop loss at 0.7573. Take profit at 0.7472.
Reason for the trading strategy (technically):
Price is now reacting off major resistance at 0.7548 (horizontal swing high resistance, Fibonacci extension) and we expect a strong drop from this level to at least 0.7472 (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing...