There several factors of confluence to support this trade: - Rejection of .618 retrace from the April highs - Rejection of 50 EMA - with the dominant bear trend - 2 doji candles - triple top on the 1h With Canadian employment data coming out tomorrow this pair could get a boost to go short. So far all my ideas posted here have been correct. I hope this one...
Looking at the daily USD vs CAD chart we can see price has found some support at the psychological level at 1.20000. Price has honored that level twice and is currently moving higher to the fractal resistance level at 1.21744 which is also in align with the previous week high at 1.22047. Look for price to find resistance at these levels and possibly continue the...
We've had a hell of a ride as of late on the AUDCAD. Through some difficult pattern trading weeks this pair has been the one keeping my head above water. We now have yet another Cypher pattern that just completed minutes ago. In all honestly, I'm fully expecting a loser on this one. Why? Well it's just the numbers. Even with the Cypher having a completion rate...
- Strong previous support level - Retraced off a key fib level (0.764) - Decent risk/reward ratio of above 2:1 - Showing signs of reversal due to bullish candle with a long wick. - Will wait for price to break the next fib level (0.618) for confirmation that price will continue north. - Will bring stop loss to break even when price reaches at least 90% of target...
This pair faced recently a big fall. The last days it seems to try to move up. However it is now "jumping" on the level of 1.2212. A bearish breakout of this level might lead the price to 1.2084. On the other hand, if it reaches the level of 1.2300, then bulls and bears would fight. Buyers target would be 1.2400.
Confluence listed on the Chart, I believe this one more or less speaks for itself. High Technical bias to go Short. Strong downtrend began beginning of Dec '14, we have now reached the 0.382 retracement of that Bear run, which coincides nicely with the 97.50 Support/Resistance level. Historically this has proven to be quite strong with reactions creating...
Technical on the chart : Fundamentals: Data has been mixed at best. The interesting thing for me is BOC tone is increasingly positive. Recent statement : Poloz expects a recovery in the current quarter and is global growth signs are unambiguously good for Canada AUD increasingly facing pressure of a rate cut. Makes this pair an interesting trade.
PRICE ACTION BROKE THE SUPPORT OF THE RANGE AND COULD NOW BE HEADING FOR A RETEST OF THAT LEVEL TO FORM RESISTANCE FOR A POSSILE SHORTING OPPORTUNITY TOWARDS 1.1950 AREA, HOWEVER IT DOES GO AGAINST THE GENERAL BIAS OF A BULLISH DOLLAR, THAT SAID FURTHER BULLISH ACTION FOR WTI OIL COULD HELP THIS TRADE BECOME FEASIBLE
Factors of confluence: - trade is with the trend (see trendline) - doji forming (waiting for weekly close) - rejection of .618 retrace (again waiting for weekly close) - rejection of 50 EMA I'm waiting for the weekly close and Canadian CPI figures to take this pair long. So lets see what happens. Patience is key!
USDCAD trade is based on FIB levels and seasonality as we expect crude oil to get strong also in coming weeks and the data which is due this week (Manufacturing numbers and BOC monetary policy report). At www.TradeSetups.com we like to keep everything simple by providing members with easy to understand trade setups. Right now we are offering 10 day free trial for...
After reaching the top at 1.95 GBPCAD is now in selling mood. The red area plays as a support/resistance. Either we see a pullback from that point or a sell off. I think we should see a test of the descending long tern trend line. That's why i short it.
I have based this idea on key Fibonacci retracement levels being tested and broken through. I see the price moving to the 1.618 level below. I have split my positions in two. Once the first take profit it hit I will move the second positions SL to break even.
In my previous chart (over 2 months ago) I suggested a long trade which materialised but from little lower lever;. That long trade was a retracement of the previous strong decline which bottomed at 91.70 in Late January. That low could be potentially larger Wave A low and we have almost completed a retracement in the for of abc zigzag. If correct then we are in...
Economies worldwide slowing down and don't meet their forecast or miss them. Why? There are different explanations. Today I do a quick analysis of AUDCAD, AUDUSD & USDCAD and how I trade them. As you may or may not know Australia (atlas.media.mit.edu) and Brazil (atlas.media.mit.edu) together dominate the world's iron ore exports. Iron ore is the basic source...
PRICE AT AN IMPORTANT KEY LEVEL AND JUST BOUNCED OFF THE RESISTANCE TURNED SUPPORT FORMING A DOUBLE BOTTOM. ALSO THIS KEY LEVEL IS IN CONFLUENCE WITH THE 0.5 FIB LEVEL. GBP AVERAGE HOURLY EARNINGS IS EXPECTED TO COME OUT BETTER AT 2.2% AND THE REASON WHY THIS IS IMPORTANT IS BECAUSE THE BOE (BANK OF ENGLAND) SAID THEY'LL BE MONITORING HOURLY EARNINGS DATA. IF...
I messed up the original post for this so I am trying again. The Canadian Dollar has rebounded well against the British Pound leaving a bigger picture demand zone below @~0.5140. Price is now coming to an area where there might be a sharp decline away. This supply zone @~0.5360 is also the 50% pullback area of the original down move indicated by the red...
A complex correction setting the base for a move down to wave Y to complete the WXY pattern. The complex correction should form the basis of primary wave 2. From here there are technical grounds for upward currency exchange rate trajectory. You may review the following for detailed fundamental analysis: technical-forex.com