USDCAD has broken a daily support level and is now falling to a key demand level where we can expect some kind of a rejection. If price action permits, we can look to this level for a potential buy opportunity and aim for a test of the previous support, now turned resistance. If that level does not hold, then we can continue to hold our longs for higher highs on...
AUDCAD has run into resistance on the Monthly, Weekly, Daily and 4hr timeframes. We saw a strong rejection on January's monthly candle close and we're now seeing a retest on the 4hr supply.
We have a potential to take a short from here and aim for lower lows.
GBPAUD was in a longterm downtrend and has now seen rejections to go lower on monthly timeframe. On the 4-hour, we have an opportunity to buy here and aim to the upside. The small red zone could be a spanner in the works to push prices lower but otherwise, I would be aiming for the upper red zone as extended targets, should price action permit.
Price didn't respect the sell zone, it broke and closed above it, voiding the zone. However, whilst I am overall bullish on this pair, we are seeing a slowing of momentum and RSI divergence. We may have an opportunity here to short this pair for the short term.
I posted this earlier in the week but made an error on my chart and was targeting the wrong zone.
Here, we can see price has now touched a good demand level, which meets all of my requirements for entry. We're now just waiting on price action to develop.
This pair has been in a long downtrend and has recently pushed up to an a supply zone. We may have an opportunity here to short this pair and potentially gain 4/500 pips on a 1:10 risk reward ratio if the longer term downtrend continues.
USDJPY has been making steady gains but has now come into a strong resistance level and formed a bearish engulfing candlestick pattern on multiple timeframes including the 4-hour. We have here an opportunity to short this pair back down as it retests the resistance level as new support.
Whilst the weekly and monthly timeframes are still bearish, this setup is...
Price has now broken out from a strong resistance level and is rallying into a fairly strong supply zone. There may be an opportunity to short USDCHF from this level, with targets to retest the breakout (resistance, turned support).
We've got a bearish engulfing candle closed on the 2-hour timeframe and price is rejecting from the key level. We are looking to potentially short this pair. Final targets would be the green zone of interest but we may trail our stops if the momentum is strong to keep going.
Similar to GBPUSD, this pair is making it's way closer to a strong sell zone. In fact, there are two sell zones in close proximity. On lower time frames (2H + 4H) we can see price has been slowing down, accumulating buy orders and pushing up towards these key levels.
From the two supply zones, the lower one is weaker and both are untested.
Keep an eye on price...
AUDJPY ran into a supply zone on the 4-hour and we're seeing a reaction to turn bullish and continue it's bullish trend. If the zone holds, we can aim for the zone at the top as targets. If it doesn't hold, we may get the stronger reaction from the zone below it. This setup has a great risk:reward.