In long-run we are in uptrend so buying is considered as a better option. Nowdays we are fluctuating in small range that could evolve in complete AB=CD pattern after break (and close above) out of the range. Entry point is on the bottom of the range after some signs of bullish price action, or after mentioned breakout. Exit is on previous highs and on the end of...
Its simple - if we come back to S/R zone 1.34 we will look for price action setup for long position.. But on the other hand its also difficult because of coming december of 16 and FEDs decision about interest rates. Aaaaand some inspirational quote which i really like:D
Pretty decent setup. We are in downtrend, actually right now in range and the price made nice pinbar which is sticking out. We got 0.64 as a resistance level and its also a round number so its make the resistance stronger. It is clean setup but volatility comes tommorow.
Could be a nice signal to sell usdcad. We are making lower highs and after breaking the triangle/wedge we made two pinbars which telling us that there are still some bulls power (this bothers me a lot). 1.28 looks like nice S/R zone, also round number and it is a 38,2 fib level for retracement of the pattern and also first target for bearish move.
Again - if we break below and close below we can go to 0,80 which is support zone from W1. Its always necessary to have more confluences so i used fib extension and 1.27 level of latest bearish movement cooperate with 0,80 support level. So we have support zone that we are waiting to break and close below, we have another important support zone, 1.27 fib level,...
If we close below the the support zone 2.012 then we can continue to 1.973. Of course we can break, close below and go back up as a false breakout or a retest of S/R zone. Im going to look for some price action setup on daily and H4. And obviously the fundamentals from Canada tomorrow will be important, fridays are crazy :/
I have waiting order on eurnzd. Maybe it will go down sooner than it hit opening price, myabe it will shoot up to 1.69 (but the market seems to be exhausted) but there is nice risk reward ratio so im gonna risk that.
Nice triangle is forming on AUDCAD on weekly chart. Brent is going down (so also CAD) and this could have influence for stronger AUD (but AUD is also still weak). In few weeks CAD nad Brent could reach support and resistance levels and there would be space for retracement and for weak AUD on this pair.