After breaking a long term resistance TL and 2 resistance zones, this pair is headed to the next major resistance zone which is found at 86.00
This will likely be bearish as EUR weakness continues to emerge. Support trendline will most likely break and price will head down for a couple hundred pips
A potential Elliott wave pattern forming from the start of the Brexit crash in July, we can see the proper Elliott wave formation thus far, potentially entering the 5th wave down. Also a Head and Shoulders pattern further agrees with a 5th wave push down, where we can see a Fibonacci cluster zone around the 1.21 support zone which was set at the October flash crash.
Bounce up from lowest point for 2016! RSI, MACD, Fib, Previous Structure (very strong influence), BB Good luck :)
Initially, I noticed that when the markets opened last Sunday, the gap shown in the red circle was not filled, it ALMOST was, but not quite. This makes me wonder if EURCAD only needs even a small reason to go up to the 1.4700 area and finally close the gap. After all, 99% of gaps are closed, whether it be in 10 minutes, 10 hours, or 10 days. To buy long from the...
S&P 500 is reaching its previous all-time high! Monitor this index closely. If it manages to break the Resistance Zone, we are bullish for it. If there are few bearish signals appeared around resistance zone, we are bearish for it. If shorting S&P 500, it will be a high risk to reward trade :)
After a broken support TL, and a horizontal support area, price is likely heading to the next major support zone. This zone begins about 130 pips below Friday's candle close. Watch for a bullish retracement to maybe 0.7400 and then for Elliot Wave 5 down to 0.7200
3 times price on this pair retested the resistance zone surrounding 0.96 seen above. The first time price reacted bearishly (the first top), however it did not go far down as it did previously (see 2015-12-29 date on chart). The second time price broke above the zone but then fell some - forming a second top and then going down to make a higher low. Then again,...
I still consider UC to be a long position with a target of 1.37. this is me being conservative as there may be room to run up to 1.38 and grab an extra 100 pips. Honestly, this pair may even go up to the 1.46 area eventually and form a second top, and then head all the way down to the neckline at 1.24, however this scenario is extremely far off, perhaps a year...
This is a fakeout action, the price is going down to 0.98315
just wait until price break the support line. (Close candlestick below support line)
Possible Head and Shoulder pattern on the Daily chart
I will be sorting Natural Gas for only 1 day (12/14/2016) I don't think Natural Gas has a clear direction right now, but I do think it is still in limbo, just at a lower level than expected. Thus I do forecast a drop back from the 10DMA levels of 2.737 to erase today's (11/14/2016) gains, but no movement lower, at least not this week.
Gartley + Crab pattern Setting up for a nice sell near 109.
Daily chart is showing some interesting trade opportunities for this pair. Pair has recently put a new structure low, outside return and it is on its way towards a 618 fibonacci retracement. Once price reaches circled area, you might wanna be watching the candles on a smaller timeframe (1 hour maybe) and look for Bullish or Bearish entry reasons.
This is how I see the current situation, and crazy future plan :-)
Could be a reversal zone. R:R : 4.09 Buy Entry: 1.68717 Stop Level. : 1.63906 Take Profit Level. : 1.88392