Price pulled back and tested the break of structure, which correlated with the neckline of the double bottom, and the 61.98 fib level (if you drew a fib from the new low to the new high on the 4hr timeframe.)
I am expecting price to to ultimately test the previous higher low, which also correlates with the daily resistance and the 61.8 fib level.
Take a look at...
Feel free to like or comment. Especially if you see something different or think otherwise state your reason(s). I am open to seeing others point of view.
1.) Here price found support and formed a double bottom pattern, which is a bullish formation and started off the uptrend. This also serves as the low.
2.) After the double bottom was formed, price confirmed...
Take a look at my original analysis, to see how price has behaved.
Price has now completed the Inverse head and shoulder pattern.
Price has retraced to the 61.8 fib level. Here is where price found support at that fib level which also correlated with the daily support.
Price now began making its bullish move to the upside.
I am expecting price to test the...
-Price found support at the monthly/weekly support or demand zone and began it's push up.
-After an extended push to the upside (or bullish pressure), it appears price is preparing to make a retracement.
-Price broke through the daily support level now, I am expecting price to retest this area.
-After drawing a Fibonacci, it appears the 50.0 fib level corresponds...
Watching the big picture, we are still on an uptrend on the weekly and daily time frame which makes me look for trend continuation opportunities. Currently price is at a very sweet spot while RSI approaching oversold levels. Great risk:reward if entered at market if conservative stops and targets are used as illustrated on the opened long position in the chart.
buy @ 0.99618
I don't think this XA leg is very clear cut but I will use this pattern to enter into a trend-continuation trade. Also this pattern allows me to put stops below the 0.9983 weekly major support line as well as below the previous highs that repeatedly bounced off 0.9940-60.
Fundamentals: - Mixed data from Canada last week with a tick up in unemployment and worse than expected employment change. However the rally in Oil did help the Canadian strengthen for a period of time last week. I don’t think the Canadian can maintain a positive rally, once the data starts to be absorbed by the market we should see this pair return to the upside...