Resistance levels IF index break out higher. Strong pivot confluence this week is 1877. 100 % extension is around 1900.
WTI recovering after that break of TL going back to june 2012 strengthening the Cad along with it.
Yearly Pivot R2 coincides perfectly with the 127 extension of formed Butterfly. A zone between 50 % fib at 1.1235 and 1.13 is the next major weekly resistance level. However on a Monthly tf price is extended as it now stands close to Monthly R3. A long consolidation period though has built up alot of energy which has to be taken into account for upward potential.
Index has returned to recent range channel after a drop below and trading the Monthly PP. Resistance at 1832 (previous bottoms) and then Weekly R2 at 1838. But is this just a correction in a larger downward move? Lets watch the strength of this move going forward.
Nice level to enter short is around previous bottoms around confluence of Monthly PP Weekly R1 and 50% fib retracement of recent downswing. Natural first target is the Yearly PP at 1,3471
MACD is crawling by TL resistance like haven't been seen since long term top was set in 2009 indicating indecision and low volatility, often seen before volatility spikes. The reaction off of the TL resistance was not impulsive, thus one can suspect another run at it, perhaps after a test of the Yearly PP at 1,3408. 1,3550 is NT support. Price now struggling to...
Solid resistance may pause the rally.
Daily TL support may help the Cad ST if it holds up. A break will be significant and give nice opportunity to short the Cad.
Completed Butterfly Sell & Monthly Pivot R2 /Daily R1 confluence creates a possible reversal zone. A downward move has a nice target by previous top and Monthly R1.
At the top of a nice Triangle starting 19th dec. Watch a break.
Rare Triple Pivot Confluence may act as good support for longs. A break below should be interesting for shorts, perhaps after a retest of broken pivot level.
USDOLLAR has formed a Triangle Pattern. Looking for a breakout.
Price at horizontal support by previous tops.
D point in Butterfly Buy confluence with 50% fib. Shorts have a good target to take profit right at the confluence of 50% fib retracement and the D point in the formed Butterfly. Buyers should step in around that level, 1,3550
UsdChf trade with tight SL. and good RR. Market volume is starting to come back and a drop in SP500 and dollar strengthening may be the beginning of a shift in sentiments in favor of the Fed Taper. UsdChf is one of those 2014 currencies that has a lot of potential upwards.
Short entry idea with 2:1 Risk Reward ratio.
A completed Butterfly, now price hits a possible price reversal zone. Is the Christnas Rally over or will it just keep going?
Possible ST reverse at PP. Long Scalp Signal. Resistance around 10691.