In the previous analysis, I was looking for a SELL opportunity 132.50 area. Then I added little 131.30 area.
Now i keep my eyes on the 130.60 area. Remember that I trade rounded retests.
GJ does LL & LH, but I don't know how long the downward trend is.
128.00 area is critical support area and support after 128.00 is 126.50
The first thing I see is quite confusing price action.
But what I guess... I wait till price to close above 2.095 area and come back to test it - "ROUNDED RETEST".
Another option is that the price closes below green area, then i stand aside and wait till price meet EMA200.
After that I can make next plan.
:) My previous idea was to look for a SELL where FIB 50%-61,8% was, but there no have any good price action.
When I look at the current upward movement then I see that the waves what moving up are getting smaller and smaller.
The next resistance is strong one.
There I see EMA200 and 0.6660/70 which has been tested in many times.
I "guess" that 132.56 is undoubtedly a support.
So, i wait till price brake this support and come retest.
The idea is valid until i see upside brake above 135.33
Ideally I want to wait till price come 0.5% Fib level, but today I think AU will close very big tailed PinBar.
Whit this in mind I take very small Short position.
0.6006 area is Oct '08 support and multi-year low.
Also price touch 10-EMA and almost 38.2% Fib.
This is not perfect setup, like I said, I want to see the pair is come little more upside.
USD/CAD trade descending channel and near 1.3951 support.
We see that the pair does HL and every time when hit support (1.3951), then bounces upside.
I think if pair can break that support, then further weakening is potential.
Of course, don't forget that the 200-EMA is also close and can bring buy orders in market.
When the pair goes upside and brake channel...
Hi
Last four days GC have been moving upside. It may continue in the same way, but i think the pair take time out, i dont know when. You see that the pair make very aggressive upside movement.
It can't last very long
I watch what price do 1.7477 are or I will wait till price come 1.7304
Im not taking blind entry trade, I need confirmation like PinBar or some...
