A possible channel is under establishment in AUDUSD.
The pair has retraced to 38.2 % retracement of the long leg.
However if the lower tentative trendline is broken, the pair could move downwards.
Further upward move may appear
USDCAD has been trading in a descending channel.
Channel resistance has been broken and movement upwards to the 0.382 retracement of the channel cannot be over ruled.
Channels have measurement implications and prices may move as high as the channel width.
Its good to buy.
USDJPY was very bearish this week and broke trend line support of the rising channel.
PA has now retraced to re-test the the trend line support and has further initiated a downward momentum.
I am looking for a sharp decline to 116.00 level. Lots of pips too be bagged here if it turns out right.
AUDUSD recent;y reacted to a gartley pattern and retraced to 0.382 of the CD leg (Gartley).
Currently the pair is on its way to forming a butterfly bullish which converges with the 0.618 retracement of CD leg from the gartley.
A small bullish bat pattern is also forming completes right at trend line support.
USDCAD has made its way to trend line support as earlier indicated in my post.
A bounce upwards from the support has been initiated.
A break above the descending channel will confirm the buy
Its good to buy at channel break upwards
USDCAD is in a downward correction mode.
The pair has reached the 0.382 retracement of the CD leg. (partial profits booked)
More downward movement is expected a point of confluence between:
- 0.5 Fib retracement.
As indicated in my previous post, AUDUSD is reacting to a bearish gartley pattern.
As a short confirmation, trend line support has been broken confirming further bearishness.
Its good to see at trend line support break or re-test.