this location on usdcad is important
1) EURUSD, GBPUSD, USDJPY, USDCHFthese 4 majors are strong dollar
2) USDCAD is strong cad, overriding USD strength
3) it may be the commodity relationship, AUDUSD and NZDUSD are being sandwiched between the flows of the commodity relationship vs USD strength
so watch next week, there is NFP watch if USDCAD confirms support or...
Analysis
1) EURUSD daily seems to be consolidation with the latest stick momentum to the downside.
2) GBPUSD daily seems to confirm EURUSD
3) USDJPY daily is strong momentum downwards, so we have to watch EURJPY and GBPJPY to see whats happening, perhaps its a risk on/off shift move, implying the downwards move by USDJPY may confirm entry even though the...
USDJPY has an ascending triangle, but daily sticks showing weakness, also EURUSD and GBPUSD are strong on daily sticks, could develop either way, but this is possibly where the new move is going to be created.
usdjpy seems very short, daily trend is downward, pivot are as follows: 105.297
if price retest back on h4 and indicates resistance, good to take a small short into it
AUDUSD looks like a short, trading at important pivot level, if price breaks down and can hold below, support should turn into resistance, not much on fundmentals next week, the week after there is cash rate and statement for RBA, so that is to be looked out for, next week traders trading into that may be looking to use this week to prepare.
these levels have been ranging for quite awhile, so stops should be gathering above and below, the best setups are
1) look for the fade off from these levels, once the stops are taken out and price seems to print a reversal, can be taken off of lower timeframe charts.
2) if price blows through it clean, look to take the retest into these levels, in the direction...
next week has alot of fundamentals, so USDCAD will be tested heavily, by both bulls and bears, because on wednesday, there is BOC bank rates and on friday we have NFP. so no swing trades are possible here, unless you back it up with fundamental analysis. this week for USDCAD is basically going to be the same as last week for EURUSD, you can check my previous...
Fundamental drivers taken from forex factory, www.forexfactory.com
Mon Feb 26
ECB President Draghi Speaks
Tue Feb 27
USD
Fed Chair Powell Testifies
Thu Mar 1
USD
Fed Chair Powell Testifies
Fri Mar 2
Tentative
Prime Minister May Speaks
GBP
BOE Gov Carney
This is wildcard week, given the brexit situation and USD fundamentals, GBP news will...
check the rest of the markets, on USD pairs, they all exhibit some for of SIGNS of reversal, not full fledged, but signs, no confirmation yet, but it seems USDCAD is the one which is coiling faster than the rest and exhibiting extra signs of strength, to the upside, its the first one to support, my tilt is long if we can break the pivot upwards, i am bullish,...
no recommendation as price is very choppy, keeps breaking trendlines on both sides, but price itself is in a tight range, recommend as a watchlist because choppy price action is precursor to trend breakouts, current state is a choppy downward channel
Long AUDUSD because it looks like accumulation, it looks like a buy zone, against the dollar index, which is strengthening, it is also exhibiting signs of strengthening, which indicates that AUD fundamentals seems to be turning around, correlations with NZDUSD is also showing up to support the move. USDCAD, when it made its up move, AUDUSD did not push down but...
strong down close on a friday, after a rally all week, daily timeframes are in a generic down trend, lower highs and lower lows, confluence of 50% retrace which was shown by the bearish bar on friday rejecting the 50% price of the previous down leg, looking for price action on 30mins chart to retest resistance of 1.5380 region, if price action reverses at that...
