With Rejection @ 1.1760 Level with a Strong Engulfing candle, the bears could be in control going into next week and a lot of catalysts are lining up for them:
- 4th Leg looking like it has finalized and the 5th leg starting
- Bearish Engulfing candle at what is now strong resistance
- Weak retracement into engulfing candle
- Well underneath 50MA and RSI...
GBPCAD shows more downside over the next 1-2 weeks towards the 1.6750-1.68 levels. With pending Brexit news looking worse and worse and GBP Economic data coming in, the massive weekly candle is telling us, wait until this retracement is over and then hit the sell button. 1.70 Level has already rejected price action with weak buying pressure. I see more downside...
EURAUD show signs of moving to the 1.67-1.68 range and given the monster move up in the AUD and with USD gaining some strength, this pair could be on the move up. MACD showing some momentum as well. Cheers Folks. Let me know your thoughts!
Boeing touching the trend line for a 3rd time looks to be attractive. 4H chart even better. Each move up has been $80-$120, so averaging it out with poor news already priced in, I could see a $240-$250 with a stretch to $260 here. Cheers folks.
USDCHF at strong support around .9375 looking to bounce up a little bit. This Support was super strong on the June 11th bounce up when the pair rocketed up. Looks to do the same for around 50-60 pip movement. Keep a close watch!
Let me know your thoughts folks! Be safe and stay healthy!
With EURUSD reaching the top of the Fib Resistance, I foresee a retracement down to .618 range on the trend line then a bounce of around 75 PIPs.
Cheers folks. My first idea post. Always open to comments, feedback, suggestions! Stay safe folks!