On GBPCAD we have a potential short setup based solely on Fibonacci levels.
After a large drop , price rebounded up to the PINK .618 Fibonacci retracement level , which coincides with the RED 1.272 and 1.414 extension of the recent bullish leg.
High momentum rejection followed and price moved down until it found support at the ORANGE . 618 retracement
Technical indicators support downside in the pair. Scope for weakness till 100-DMA.
Support levels - 1.7342 (cloud top), 1.7320 (trendline), 1.7227 (100-DMA)
Resistance levels - 1.7398 (50-DMA), 1.7440 (5-DMA), 1.7511 (23.6% Fib)
Good to go short on upticks, SL: 1.74, TP: 1.7320/ 1.7230
Price rejected 1.7360, came back to 1.7540 area, and then fell back down to 1.7360.
If there is a candle closure above 1.7540 (neckline), there is a double bottom. After that confirmation i see the price move to 1.7700
The Month;y and Daily are Bullish. This is an advanced technique trade. the cloud is thick and and ascending which is what we need.
Buy entry is the Senkou B = 1.7433
PT =is the Senkou A = 1.7515
Stop = 1.7413
Risk = 20 pips
Reward = 82
RRR = 4.1 :)
GBPCAD is approaching our first resistance at 1.7145(78.6% Fibonacci retracement , 61.8% Fibonacci extension , horizontal overlap resistance) where we might see a drop in price to our first support at 1.7047 (61.8% Fibonacci extension , 61.8% Fibonacci retracement, horizontal pullback support ).
Ichimoku cloud is also showing bearish cloud and we might see a...
The pair has broke the 1st and 2nd yellow trend line which lead to us closing our long position with profit. We are planning to buy it again in the blue support zone (1.70282 - 170318) with green are as our target.OANDA:GBPCAD
As the strong resistant level (upper red line) holds, price moves towards either the weak support (yellow) or strong support (red lower line ). Assuming that the yellow support will hold, a nice long position opportunity could occur. This long, would be confirmed IF 1.71 is broken upwards.
The other scenario (as I see it) is a short opportunity after breaking...
Past week, existing home sales in US fell 6.4%. CB Leading Index dropped 0.1%.
Next week, the Fed will hold it’s 2-day meeting and statement will be released on Thursday. Friday NFP are forecasting a drop from 312k to 165k.
DXY last week seems been picking up after it broke off 96.00 levels. It continues up to about 96.70 levels before having a strong bear down...
EURCAD bounced off support at 1.5095 (100% Fibonacci extension , 61.8% Fibonacci retracement , horizontal swing low support) where it could potentially rise further to its resistance at 1.5304 (38.2% Fibonacci retracement , horizontal swing high resistance).
Stochastic (55, 5, 3) bounced off its support at 1.8% where a further rise could occur.
AUDUSD is approaching its resistance at 0.7242 (76.4% Fibonacci retracement , horizontal swing high resistance) where it could potentially reverse to its support at 0.7147 (23.6% Fibonacci retracement , horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 98% where a reversal could occur.
NZDUSD is approaching its resistance at 0.6879 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where it could potentially reverse down to its support at 0.6801 (horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 96% where a corresponding reversal could occur.
DAX is approaching our first resistance at 10990.66 (horizontal overlap resistance, 23.6% fibonacci retracement , 61.8% fibonacci extension), where a strong reversal might occur below this level pushing price down to our major support 10280.71(horizontal swing low support, 61.8% fibonacci extension , 78.6% fibonacci retracment)
Stochastic (34,5,3) is also...
The Daily is bullish and a nice support level has formed. price is currently being supported by 60 Kejun Sen (blue Line) and that would be our entry
Entry = 1.7020 (+ 2 pips to account for the spread on buy limit orders so 1.7022)
Stop = 1.6990
Risk = 30 pips
PT = 1.7236 (+216)
RRR = 7.2 -1
XAGUSD is approaching its resistance at 15.99 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it could potentially reverse to its support at 15.59 (23.6% Fibonacci retracement, Horizontal pullback support 50% Fibonacci retracement).
Stochastic (89, 5, 3) is approaching its resistance at 99% where a corresponding...