We have 2 support/resistance lines that have been well respected ( you can look and work where out for yourself this time ) because how will you ever learn if people keep pointing these out for you with big colourful arrows :p, We also have a lovely trend line ( TL ) that has been respected despite breaking out it didn't last long and came back up and started...
GBPAUD and GBPCAD demonstrate historically high positive correlation (0.9). The crosses currently offer a mirroring long breakout setup from the narrowing triangle structure.
The orders' confirmation comes after 1H candle close above the resistance trendlines. Hope this helps.
Price action short setup on USDCAD.
Sell at 1.2620, an intersection of static resistance line, dynamic barrier and R2 pivot point.
Partial fix at 1.2592, a bottom channel line. Its break indicates short position confirmation.
The following targets at 1.2530 and 1.2470 at static support areas.
On Monday EURUSD tested and closed at 1.0860, dynamic resistance level made up with crossing trendlines connecting maximum and closing levels from May-Aug 2016.
This test offers opportunity selling euro with the first target of 1.0770, the static level had stopped pair's growth back in Dec and Feb. Further support levels are
1.0690, intersection of lines...
Last week bitcoin has updated all-time high to US Dollar at 1218. Growth potential is currently limited by dynamic resistance trendline that connects Dec 2015 - June 2016 highs, confirmed with Jan 2017 reversal at 1120.
Considering bitcoin dynamics it may reverse from the current point and quickly drop down to 1100 and 920 support levels.
EURUSD extended its 5th wave in the descending move from 1.0830 which appears to remain an impulse structure. If Elliott wave count is correct, its likely to see EURUSD updating recent 1.0520 low.
Preferred sell zone is set at 1.0720, where descending neckline meets 61.8% Fibo retracement level and R3 pivot point.
Close below dynamic support zone 1.0640-1.0660...
Silver has tested the lower range of February descending triangle at 17.75 for the second time since yesterday. I'd short XAGUSD once it meets
A. 18.10, upper range of the triangle;
B. 17.70, indicating break below its current range.
USDCHF has just tested February ascending channel's upper range at 1.0110. The resistance level is confirmed by brown descending neckline (dis[layed on the chart below) and R2 pivot point.
Short USDCHF from the current level targeting 1.0040 - channel's lower range and purple trendline projection.
Silver quotes continued trading above the bearish channel range described in the previous idea. XAGUSD approaches the follownig daily resistance at 18.15 displayed on the daily timeframe.
On main 1-hour chart a descending triangle is marked in green, its upper range at 18.01 was tested at the start of this hour. This level...
EURUSD has just tested the dynamic support at 1.0590 led through minimum levels of 8-10 Feb. Descending move from the recent peak of 1.0830 may be displayed as 5-wave impulse wave. If this assumption is correct, we would see further euro decline in mid-term.
Test and break above red line in the 1.0630 area would indicate making up of correction move to the bearish...
Siver (XAGUSD) has tested upper range of the descending channel for the first time since September 2016. The channel has been valid for 6 month. Silver is currently trending above the dynamic barrier 17.45 and may continue uptrend targeting 17.80 and 18.20 (marked on the chart).
If XAGUSD returns in the channel (we need to see a close below 17.40 for...
USDCAD is testing daily dynamic support zone at 1.3000/25 for the second time this week. This barrier has been made up with the intersection of trendlines from the extreme minimal and closing levels of Jun-Aug 2016.
Thursday candle close above the described support would indicate the pair's recovery targeting 1.3180-1.3210.
Daily close below 1.30 would confirm...