Channel still holding on the EURUSD. The trend angle line duplicated to the end of the last minor wave has been breached and retested. Its a good indicator that the current move could be over. If EURUSD was going to go in USD favor, this would be a great place to start building a position in my opinion.
EURUSD has hit a major yearly pivot point at the R2 level. This level is also a monthly R1 level. I would expect to see some selling back to the 1.1900 area where some support maybe found. With the hurricanes going on, I would be cautious buying usdollar till its over.
EURUSD just broke the neckline of a head and shoulders pattern. Pair is also pivoting off a yearly and quarterly pivot point cluster. Only obstacle is the yearly pivot level, if that breaks, I expect the head and shoulders measured move to happen which will also fill the GAP many FX brokers have on their charts. Yearly pivot could act as a pullback area to the neckline.
USDCAD has twice tested the 50% retracement level from the high. With new tariffs on canada from the US we may now have the fundamentals to break the level to open the door to the 618 retracement. Price has cleared above the yearly pivot pivot with the quarterly r1 and 50% as the only hurdle acting as resistance. The Quarterly R2/618 level would make a great level...
EURGBP, Yearly pivot is holding and pair is oversold currently. I remain bullish while this holds. On a larger picture, we have a what appears to be a very large head and shoulders forming. When the pivot breaks, ill switch my bias. As so should you. However for now, Support is doing its job.
CADJPY Divergence setting in on the STOCH and RSI. Pair currently sitting in on the yearly mid pivot and the quarterly S1. If pair breaks back above the dark red line id expect the pair to move up to the 82.25 level. If not, hold your trade for the long around 79.65. These are zones, not concrete barriers.
AUDNZD, Pair hit quarterly pivot with confluence on yearly quarter pivot. Pair is pushing down from a morning star . The daily appears to be oversold or approaching it soon. However the daily candle is also bearish.
So, pair is sitting at a support and resistance line. "RED LINE" If your trading this pair, look for a close below it to go short . If that line...
AUDJPY is approaching Quarterly R2 levels. Area is a zone for a higher probability reversal / strong correction. Ill be looking for the area to start to hold and look for a long position.
R2 level also is long term Support and Resistance Level
Starting with the monthly we see a sharp move down. These moves are usually proceeded with a sharp move up. Monthly parabolic tend to happen with flats at the end.
Look in comments for lower time frame analysis.
EURUSD Looking for a leg down if we get a close below the wedge and purple support line. Daily close will be the strongest. 4hr will suffice. Keep stops behind resistance levels. The ROI makes the trade with larger timeframe confirmation.
Monthly Chart and Weekly chart are showing this area as a resistance area. Brown dashed line is monthly Resistance.