Despite this week profit taking on the dollar, the uptrend is still intact. I have started positioning back on dollar buys and this particular pair has stayed lower throughout most of the dollar strength, and finally the ZAR is showing some weakness. There are a lot of confluences here. We have the holders sentiment showing life in the green as well as CCI coming...
I like this level for potential longs on silver again. It looks like the dollar rally has overextended itself into profit taking territory ahead of NFP next week. Likely see some pullback towards 17-17.50 area, and a break above that we should see a new high above the KEY ELECTION levels from 11/8 - 11/11.
A lot of this is going to hinge on political issues with EUR and the outcome of the OPEC meeting next week. Bullish divergence spotted in an RgMov uptrend + we have a nice range expansion bar showing strength. Good to go long at open next week with 2-3 ATR stop loss.
Traders, We see some nice divergence building up here on the 1 hr chart. Currently the candle we are on is showing signs of a drop coming our way. Im in short from above 135. Looking to target 132 area.
Likely see a short term bottom at this level. Feds Bullard mentioned only seeing one .25 hike in the next 2-3 years. All buyers have been stopped out/ broke even on their trades, and short sellers will begin to take profit. PERFECT MIX TO BUY HERE. Can trail lower, use stops and lot sizes accordingly, please :) Good luck
EU TUSK stated "Thursday summit with Canada on trade deal is still possible" I think this would be a good spot to fade Cad against a weaker currency such as GBP or an over extension such as USDCAD 0.41% . Good luck :)
Also notice the bearish divergence building up here on this pair.
Strong RgMov uptrend + Oversold CCI. Oil falling and strong EUR data will help push this pair higher in the coming days. OPEC did state they plan to cut output in Nov. but they have also been saying they would cut production for a long time.