CXY is approaching our first resistance at 7.0544 (horizontal overlap resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 6.9899 (50% Fibonacci retracement, horizontal overlap support).
Stochastic is also approaching resistance where we might see a...
Here we are in a similar waiting position... A retest and confirmation of support S1 is in order before making final trade determination. Note again the moving average crossover, which points in a downward direction.
cad/aud have been holding support for some time now and ascending trendline + xabcd pattern has confirmed that trend as well. This is a long term goal to reach roughly 400 pips but smaller take profits are listed on this as well.
CXY is approaching our first resistance at 6.9990 (horizontal overlap resistance, 78.6% Fibonacci retracement, 100%, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 6.9634 (38.2% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing low support).
Stochastic is also approaching...
CXY is approaching our first resistance where we might see a corresponding drop in price. Stochastic is also approaching resistance where we might see a corresponding drop in price.
CXY is approaching our first resistance at 7.0544 (horizontal overlap resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 6.9899 (50% Fibonacci retracement, horizontal overlap support).
Stochastic is also approaching resistance where we might see a...
On the cad/aud, price seems to have retested previous support while also being in an uptrend.
Diving into the 4hr chart, I see price has created a falling wedge.
There are two options on entry:
1) either wait for price to retest support zone to enter.
2) Wait for price to break out of falling wedge, break resistance zone than retest it as support...
applying some breakout analysis to CADAUD chart.
I think its going to breakout slightly, pullback and go long before hitting the upper trend level. all apart of a weekly long pullback.
But who knows. Just an idea
So this one is really interesting. CAD has to my pleasure been really bullish for a while, and it looks like that might continue. We're currently in a breakout channel from a previous downward trend, and has just gotten out first smell of fresh air.
I was thinking about putting a short on since its rebounding, but then I realized that that would be fucking crazy....
Setup: CAD had a good run and looses momentum at previous key levels. Way overbought on both RSI and Stoch. AUD looking pretty much other way - pulled down with NZD but looks to form a H&S on it's 60m chart. Currently sitting on previous key level and way oversold.
We're looking for a shorter move since it's basically an anti-trend trade. Enter now. Stop loss can...
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