GBPJPY H4 showing a possibility of perfect bull entry at it's trend support.
H1 - Broken EMA200, will be retesting it as a dynamic support.
- Currently still locked in a channel, waiting for a breakout at H1 resistance ( 129.624 )
H4 - Can see a significant breakout of the channel stated in H1 chart bounced back down in respect to trend resistance....
Currently making a possible double bottom & lying on 0.5% level of fibonacci & Trend Support.
Should it be a buy?
Bigger TF are closing below trendline, however am still hesitating whether a double bottom formation is stronger OR trend breakouts.
However, you can have a Sell Stop placed 50 pips below the wicks and easily capture 600-900 Pips...
EURAUD had a 120 pips spike on H1 CS, so usually when this kind of phenomenon happens, there'll be a relatively strong pull back either partial of CS or an entire pull back to the resistance where it broke through to test as a new support.
However, I'll be looking for a buy opportunity in the box, if it bounces at that area for a double bottom on H1 chart.
GBPNZD, -has just broken Daily EMA200 & retrace to reject EMA200 to act as a dynamic support.
-broken 0.5% Fibo and retraced back to 0.5 level so there's a high chance of it bouncing right off to head towards the next level of resistance.
A buy stop is placed 10 pips above current resistance level on H4 , waiting the breakout to capture 50-100...
EURCAD has just broken a minor downtrend on H1 & H4 Chart.
- Broken Trend Line, waiting for retracement back to Major H1 support level( 1.44784 ) & EMA 200 as EMA was also broken through.
- H4 Fibonacci level 0.5 has been rejected once.
Am not going to comment on the fundamental side of EUR&CAD as am not familiar with it, technical wise we might be seeing a...
EURGBP has been going smoothly along the analysis done days ago, as mentioned on GBPCAD analysis of pound going strong fundamentally (hopefully).
This is just a continuation of possible future sentiment of market movements.
Retracement might be due to some "rejection of deals" made by parliaments of UK.
Please leave your comments/opinions below so we can...
GBPCAD has broken a head & shoulder which I had analysed on August 22nd, retraced perfectly towards the shoulder to act as a momentarily support. Thus, GBPCAD might be having a pretty decent reversal right now.
Currently, waiting for a retracement back to strong H4 support level ( 1.63267 ) , looking good to capture take profit towards TP3 as its at a psychology...
USDCAD H4 Showing a possible break of Uptrend as price action is strong towards the downside.
H4 Heikin-Ashi chart however showing strong rejection against trendline with 2 CS with long wick rejection.
H4 CandleStick chart rejected resistance level ( 1.33374 ), so it might either break the trend and reject Support level ( 1.32601 ) & advance for a channel
We're looking for a breakout on H4 resistance level ( 1.33424 ).
Either a Sell Limit could be place or a Buy Stop of 7 pips away.
As it is still climbing on an uptrend there'll be a probability of Buy stop being initiated,
As there's a strong resistance level on H4 chart, a sell limit would be possible as well,
So why not place this orders with SL of 15-20 pips...
EURCAD played out smoothly accordance to technical analysis.
First take profit banked , currently another half lot waiting for a possible reach towards H4 support level (1.47135 )
Buy limit@ 1.4714
If it breaks H4 support level (1.47135), set a counter-order of twice the lot size,
Sell Stop @ 1.4704
-Waiting for a breakout of H4 support level ( 0.91000 ).
Criteria :- Breakout with a solid bar out of support, if it's only the shadow, it's invalid.
-Waiting for a breakout on EMA200, then a retest back to H4 support ( 0.91000 ) for a possible change to act as a resistance.
Sell limit order to be set at H4 support level ( 0.91000 ) after all criteria...