The counter is in a long-term bearish trend.
However, the short-term trend suggests a short-term sideways trend.
The range is defined in a bearish flag formation and it is the wave 4 of the bearish cycle.
We expect the pair to wither the sideways trend upon reaching the resistive trendline and restart its bearish trend.
The dollar yen pair has passed, and it's currently retesting the important support/resistance at the 108,000 price level. To testify the importance of this level, on the weekly chart it can be seen that it coincides with the fibonacci retracement 0.618, tested several times during the last two years.
From a fundamental point of view, what reinforces my idea of...
Hello All - DuncanForex.com with another trade idea.
I am entering additional long positions on GBPUSD off of support and I am looking at the 1.2870 level for Take Profit.
This trade may take a few weeks to play out and the end of the week could be bumpy with month end positioning, however I am long anything xxx USD and short anything USD xxx.
Bitcoin is Re-born and Continues to Race Towards New Highs with Facebook LIBRA’s Reveal
As predicted in our previous post about BTC/USD, the price remains bullish. However, the buyers are on the dominant side here because of the launching of Facebook’s LIBRA. LIBRA brings new hope for cryptocurrencies to be raised.
The last rally happened due to the giant, social...
The index took a dive on speculation on double rate cuts.
However, the Fed members are not dovish as the market.
So, the market is set to correct its bearish over run.
Technically, the pair has bullish ABCD pattern which could trigger a deep correction.
Also the MACD indicator is tapering its bearish bias and could cross to bullish zone anytime soon.
USDCAD Long/Buy Idea
waiting for a momentum break above 1.320 to buy this one
1- Regular Bullish Divergence on MACD (in red)
2- Channel (in blue)
3- Rejection/Support zone from H4 1.3150 (in orange)
Three confluences are enough to consider Buying USDCAD, after a break above 1.320 (in black)
The counter is in downtrend. And it is currently consolidation after a long bear run.
It has completed its wave A and B of the flat correction.
We expect the wave C to move up to 161.8 extension of AB which also coincides with a price action resistance.
The counter is in a bull cycle, making higher highs continuously.
A trendline can be drawn as well connecting the higher lows.
And now the pair is hovering around the trendline and taking support.
We expect the rally to continue further and the pair to cross the recent high.
The counter is in a consolidation mode within a bearish cycle.
It is consolidating in a flag pattern, which can be construed as an ABC correction, but with a bearish bias.
The pair is currently in a close vicinity to a strong resistance zone.
Further, the RSI indicator is capped by the overbought zone.
All the factors point to a reversal and we expect a strong...
Hello all DuncanForex.com with another trade idea
This one is dependant on Market conditions,
It is currently consolidating - sitting on Support whilst lower highs are continually made.
It is creating a triangle pattern and I am waiting for it to either break out and retest above the triangle or break out and retest below for a short opportunity.
The counter went off the cliff after a bull run.
Though the counter has covered its lost grounds, the move is not as convincing as the previous bull rally.
It looks like a bearish expanding flag and the RSI indicator is roofed by the overbought zone.
Also, the counter has formed a head and shoulder pattern with right shoulder still under construction.