Previous short-term technical outlook We have yet to see price break above this rounded resistance trend line marked on the chart, with price very much respecting it in our previous short-term technical outlook. The dip to the downside on Friday however was quickly bought up at the .68620 low and the engulfing candle on the daily signals a deeper pullback. It...
Previous short-term technical outlook: Since the previous short-term technical outlook the spike high at 1.05 remains keeping buyers in check. It now marks our first short-term institutional resistance. Below the 1.05 figure and below this swing high at 1.047 we can expect to see further downside. First institutional support is at 1.0424. A break below the...
Previous short-term technical outlook Since posting the previous short-term technical outlook we did see price break out of the wedge pattern to the downside, however it was quickly bought up at the 117 figure. We are now seeing decent buying pressure stepping in. The first key area of resistance to keep the upside in check is at 117.63. A lift above the...
Previous short-term technical outlook: Since the previous short-term technical outlook there was a choppy move lower that bottomed out around the 122.2 figure. We are now seeing a rather sharp push to the upside right out of the open. The bias on this pair is neutral for the time being. There is decent resistance at the 123.2 figure where we can expect to...
Good evening traders. With price remaining in consolidation below the trend's high printed at 124.1 for 6 consecutive trading days now we can expect to see continued consolidation or downside going into the holiday weekend. There is a key institutional resistance level at the 123.35 figure where we can expect to see pending sellers awaiting a sharp up move,...
Yesterday's short-term technical outlook: As mentioned yesterday, the 1.052 figure is the first major key institutional resistance to watch. It represents the "line in the sand" in that if price remains below it we should see up moves faded by institutional sellers. Today's spike high at 1.04992 gave us a very good insight into what smart money is doing. It is...
EURAUD is in a consolidation zone between 1.45 and 1.415, price before entering consolidation zone was bearish impulsive, the range has held for 2 months other than the trump spike on November 8th. Entry on top of the range with a stop above spike high and RRL level.
After days and days of going sideways GbpAud finally did something interesting and went abruptly bullish this morning, I have placed some sells in the belief that after an abrupt ascent comes a descent. Let me know what you think.
On the Eur/Cad we have a pattern that might not stand out to everyone because it is a little sloppy. It is one I that stuck out to me however. It is a cypher pattern entry at the 78.6% retracement of the X-A leg I have drawn on the chart with targets at the Fibonacci levels, 38.2% and the 61.8%. If you're a cypher pattern trader and this one stood out to you then...
Here is my wave analysis on GBPCAD. I believe the pair is now in the consolidation and is about to complete c wave in following days. After that I expect a delcline, and I will sell the breakout of consolidation. (red line)
Opportunity for an aggressive entry with Bullish Cypher pattern on USDCAD ONLY if it fits your trading strategy, otherwise sit back and wait. That's what I'll be doing, waiting for my entry signal and desired R/R.
Long at 81.52 entry of 1/2 position. SL at 81.16 below support on 1hr time frame. Entry just above resistance. 2nd entry upon achieving 1 x ATR.
NZDUSD is in a strong downtrend for the last few weeks, which is expected to continue soon if we consider a five wave fall from 0.7402 followed by a recent bounce towards the 0.7171 level, which could be the first leg of a minimum three wave rise in corrective wave 2), labeled as wave A. If that is the case then drop from the mentioned level was sub-wave B that...
A bearish setup is forming on the USDCAD. Let it prove it wants to go down with price action and confirming indicators.
This thread takes over from the previous one: "Oversold: Buy the dip." BAD NEWS OUT OF THE WAY? The stock was demolished after disappointing earnings and the drone debacle. This lead many analysts to downgrade it (current consensus rating = HOLD) with an estimated average target price at the current money. There currently seems to be a lot of bad news in stock....