Nice trade possibility here for AUDCAD. Looking for a rejection as indicated with the path arrows. A pullback to that 0.92 whole number support would be great to gear us up for long entries towards 0.93350 ish.
Tell me what you think.
what i see
-broken trend line
-missed the best entry
-still see price dropping further
-using fib retracement tool to get entry
-wont be entering exactly on this area, will be waiting to see what price does on market open
-1% risk maximum
keep it simple
We mentioned that we are in unfamiliar terriory at the moment with DXY. We saw the extension higher yesterday off the evening events (FED). However, nothing too aggressive, possible corrections due, I'd like to see us push 94.500, pullback and then break upside on the next attempt as indicated.
Whether we see a short term correction first (today), we...
Here i see a pattern i guess you can call expanding rising wedge. You can see a regular divergence with the rsi indicator, that's a sign of selling pressure.
A good place to place entry would be between 0.74788 and 0.74818 in my opinion.
Approaching our S/R trading zone at 0.87500 price, possible area to see reversals and a range trade. Seem to be slowing somewhat around this 0.87 whole number, but I image we will break upside.
Always looking to instigate positions from our H4 trading zones, rule #1.
Strong start for this pair so far this morning, since LON open GBP has caught bid. Currently battling breakout lows, we have waited all week for this setup.
Hopefully new lows can be seen and we selloff throughout the day for some solid profit.