1)Trend line has held since October,
2) A break has now occurred and a retest of this trend line.
2) A further confluence is moving averages heading downwards
Target Area 1- 180.017
Target Area 2 - 175.498 (If 180.017 holds as resistance after target 1 is cleared )
Looks like the pair my break to the upside, will wait for a clear break and then retest of channel and resistance in the 121 area on lower time frames. Target one will be 122 in confluence with 0.382 fib.
A break and retest of the trend line which is in confluence with a level of resistance ,will enable me to be looking for longs to 188 which is also in confluence with 50fib level, clean easy text book trade.
The pair has break its previous low and also has broke a 4 month range short targets in the longer term to 1.45662 position trailing positions will be essential and adding to shorts on significant pull backs will be key in order to maximise gain from this pair alone
LOOKS LIKE THE PAIR IS READY TO GO TO HELL MA' CROSSOVERS WILL CONFIRM THIS AND A BREAK OF 135.000 FIRST TP IN LINE WITH 50&FIB LEVEL THEN TP2 132.000 AREA IN LIBE WTIH 61.8 FIB LEVEL THE PAIR IS IN AN DESCENDING CHANNEL MAKING LOWER HIGH AND LOWER LOW MAY BE ACHIEVED AT THE 61.8 FIB AREA 132.000
BREAK OF BOX TO UPSIDEWILL LEAD TO LONGS TO (1.6200) IN CONFLUENCE WITH 0.618 FIB , THE PAIR AS BEEN SIDEWAYS FOR QUITE A WHILE (HIGHLIGHTED BOX AREA) GOOD BULLISH MOMENTUM WILL RESULT IN TP1 BEING ACHIEVED THE PAIR HASNT BROKE 1.54000 THE LAST LOW HENCE BULLISH OUTLOOK A BREAK OF THE LAST LOW WILL LOOK FOR SHORT ENTRYS TO TP1 (DOWNSIDE)
BREAK AND RETEST OF UPPER RANGE OF TRIANGLE WILL RESULT TO LONG TO THE HIGHLIGHTED BLUE AREA (148.00-150)
A FAIL TO BREAK THE TRAINGLE ON THE UPSIDE AND BREAK AND RETEST OF LOWER RANGE OF TRAINGLE WILL RESULTO A SHORT TO (132.00) AREA THEN (126.00) AREA IF GOOD SIGNS OF BEARISH MOMENTUM
Pair is still in an uptrend upside target is 1.62000/highlighted area (61.8fib) as last swing low around 0.26 fib however break of counter trend line and good PA will result in the pair re-visiting the 0,26 fib level (highlighted tp1 downside 1.52000 area)
LONG BIAS FOR CABLE, FORMING HIGHER HIGHERS AND HIGHER LOWS, ASCENDING TREND LINE HAS HELD SINCE 2015/04/14, would recommend to trail anystops (1.51690) 500 + PIP MOVE TO COME ON THE PAIR, TP1 AREA IN CONFLUENCE WITH 61.8 FIB LEVEL TRAIL ALL STOPS THIS WILL BE A PIP GRABBER stops around last swing low (0.236 fib level) (Y)[/b]
Long USDCAD upside targets 1.28204 break of decending channel weekly and daily bars showing strong bullish momentum, will wait until after NFP most probably on tuesday will look for an clear entry position :)
USDCAd downward pressure can see the retrace back to the descinding trend line also in cofluence with 200ma and 61.8 fib resistance forming shoting star candle formation, a break of the ascending trend line and failed MA upside crossover will lead to a short entry with TP at highlighted zone
0.76 fib and descinding trend line prevent futher bullish momentum from thr pair bearish momentum to the downside, break of ascending trend line would lead to short to highlighted blue area (TP AREA1) after this if good bearish PA around 0.236 fib futher short to 0.707.. area
Downwards pressure break of trendline will enable me to go short to 0.75408 level a break of this level we could see the 0.71353 (around 0.7600 mutiple rejections of a break to the downside hence the positon of neautrality)
For any long positions a break retest of the decesnding trendline with TP- 0.78352
News on the pair in a few hours may determine the...
right shoulder at 0.79296? POTENTIAL long TP area , bullish mometum this week on the pair,
any short positions downside targets 0.76006
(ignore all the mess with the risk with reward only starting using TV properly today getting familiar with it)