* This bull is due to geopolitical risk only *
* PA is currently above last week's high *
* However, once this N Korea and Trump's news has been settled, Bears will attack real hard . *
* Key levels to watch --> 1280, 1285, 1290
TVC:DJI has been on an up trend, however I am seeing signs of weakness although it is now heading toward the its initial control price area.
Chances are that if it cannot break 22200.00 , the reversal may be unfolding... real soon.
If it does break, it may go above 22200.00 and beyond. If not, it is highly likely to come back to 21600.00 , 21500.00 level.
Friday NFP data saved USD from dropping to historic lows and the UJ is now heading towards previous resistance area.
However, The swing back may become a force the bears to push lower to 109.00 levels.
Look at the levels in the chart.
USD CAD at its lowest since 2016 May.
Bulls has last line of defense at around 1.2500 area.
This week's US data could be a good reason for reversal. --- Similar Patterns forming on USD pairs.
*Bullish Engulfing bar is circled. -- Risk a few pips to gain the higher reward**
*Time for a bit of consolidation at the last strong defense for bulls at the support area 93-94.*
*Highly Likely to bounce back to the initial dip.*
*Potential TP would be 95.*
*EUR is pumped by dragi and Bulls stil hold the power.*
*However, it is now in the long held support zones since August 2015.*
*A SR Elliott Wave 3 is now starting and lets see what happens.*
*Clear breakout of 1.1700 and 1.1710 would be strengthen the bulls more. *
*Alternatively, the strong US data coming out next week would be a good reason for the market to...
*Wait for the bearish momentum to be sucked at the temporary support level at around 45.00 (61.8 Fib Retracement) and go Long.*
*This bearish breakout was Corrective Wave 2.*
* Impulsive Wave 3 is impending soon, however only go long once the bull candle closes above the support area.
*Aim for 50.00 level. (1.618 Fib Extension).
*Distribution Phase is done and now the MMs are in Mark Down Phase.*
*They have been testing at the 145.00 Support Area for some time*
*On Friday 21st July, a clear rising wedge has been completed and the begun to dive to the next support.*
*They might test again at 145.00, between 61.8 and 78.6 to get more bearish momentum.*
*Watch Close and Short on...
*Bears continued to pushed the price down*
*PA is now in the long holding support zone since April 2016.*
*Clear Break beyond 0.94000 would enhance the bearish momentum.*
*Alternatively, Important Economic Events for the US will be out next week.*
*Healthy Data in US Home Sales and GDP would be a good reason for reversal*
I would stay away for now.
*The falling wedge is done. (Bullish Trend Continuation) *
* Validated with 38.2 Fibo Retracement.*
*Unusual heavy volume starts to kicked in.*
*Breakout is unfolding and 12.00 level would be a good take profit level.*