EURCAD is in a bigger pennant pattern and is approaching the support of the pattern. We can see that we are currently in a descending wedge indicating that a reversal may happen soon. On the lower timeframe we can look for trading opportunities within the wedge until we buy the breakout. Will update once we achieve a breakout.
Goodluck and trade safe!
Price is facing bearish pressure as it is trading below the EMA(34) and is breaking below previous overlap support level at pivot . A drop from our pivot at 104.64 towards 1st support at 104.08 could be possible. Failing to edge below the pivot would see price swing towards 1st resistance where the horizontal swing high is.
we're seeing a corrective flag on the USDJPY if the top line is broken we can search some positions in buys with the next objective in 110.83 But don't forget we won't take the trades if we don't have the signal with a strong breaking off.
So wait a little and then go ahead. Good profits for everyone and don't forget to let me know your opinion. ;)
USD/JPY could potentially give us a very good risk reward as daily candle could signal a turn to the downside. Should we however see prices above the previous daily candle this setup becomes invalidated.
This idea is for demonstration and educational purposes and does not constitute a signal to sell. This is for study purposes only. For this pair we see a reversal pattern forming on a higher timeframe. If you look at this pair in conjunction with FX_IDC:JPYWCU we can get an idea of how USD/JPY correlates to the JPYWCU (index for JPY) . There is an inverse...
4H CHART EXPLANATION:
Main Items we Observe on the Chart:
-Price has broken the ascending trendline.
-Currently, price is inside a corrective structure.
-We expect the triangle Trendline to give some type of Support before the breakout.
Based on this, if the price breaks down the corrective structure below 109.750 we expect a continuation of the bearish...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=110.1.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=109.9.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
This is an advanced technique trade
here we have an ascending cloud with medium thickness
When the market reaches the Senkou B (bottom of the cloud) which is the last support level
There is a high probability (87%) that it will bounce back up to the Senkou A (top of the cloud)
** It is important to note the negative USD news that came out today (Powell Press conference)