I don't trade this myself but was curious of the technicals. Weekly PP acts as solid resistance with one long pinbar suggesting a taking out of previous low. Yet an upward trendline supports PA. Price is contracting and getting closer to a break out. A close above weekly PP expose horizontal resistance (red line) and downward trend line resistance. A break below...
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Intraday TF Butterfly Buy, looking to sell on a bounce
Breakout in progress. Buy a dip, next res, levels
The Cad strengthened against the USD the last day when the USD strengthened on the Taper news. DOLLARINDEX looks more and more constructive so this pair could be a winner if the USD gains head winds.
Fib levels, TL Horizontal Support and Pivots to watch. Next major support around 1,3620, Levels to Short the pair, either by TL and PivotFib Confluence right around 3685 or around previous support and fib Confluence 3710 area. Overall Study suggest further move down.
Bearish MACD cross right at Yearly R1. Tapering begins
USX breaking out of the channel, Follow through?
Defined Risk for a Short Set Up. A close below Daily PP and a cross in MACD can be used for triggering trade.
Possible Gartley Pattern if Price reaches 1,3695. Also a nice confluence with Weekly S1. Monthly R1 will be next support level at 1,3710 by the previous bottom. A failure at the 3695 level could spark a deeper move down.
Weekly PP resistance pushes price back to TL. A break of TL and taking out of previous bottom will change the ST momentum. Bearish Divergence show signs of exhaustion. A break above Weekly PP at 103,09 will shift focus upward eyeing 104,10 level..
Weekly Pivot Point has supported PA, next target 142,70 area after Monthly PP has been taken out. Weekly PP fails to support next support should be the current TL around previous bottom.
The upward channel is still in play.
Price ST support at overlapping Weekly & Montly Pivot S1
Triangle Pattern H1. Hidden Bearish Divergence suggest contiuation of downtrend. However, Monthly S1 has supported PA well the whole month which is unwelcomed for long term bears. Thus it could be possible to play a break out of the pattern either way.