If price breaks the weekly resistance zone in blue, price could continue up to the $10 level, before giving a retracement. Long term getting to the $11-$13 range before toping out at the $20 range.
If price breaks below the $6.80-$6.50 level and breaks the up trend line, we could see a deeper retracement, before moving back up to top out at the $10 level.
If...
Price was overextended at the 1.18/1.27 zone after a shallow retracement.
Price reached the 4hr support zone after an impulsive push down after the fundamental announcements.
Price has retraced to the demand zone and is retesting the 1.18 extension level.
Looking for price to continue it's down trend to the daily 38.2 retracement level.
Price is below the 1.27 extention the the 1hr and 4 hr charts, after a very shallow retracement.
I am looking for a correction to come on this pair.
Rules for entry:
1. swing low formation
2. trend line break.
If these two rules are met, I will enter this trade and take it to the 38.2 retracement level.
CADJPY: Potential Kings Crown Pattern.
CAD currency is impacted primarily by oil prices.
JPY- Safehaven
Yesterday OPEC ( Organization of the Petroleum Exporting Countries) Stated 2021 forecast OECD stocks to be 70 million barrels below average, relative to 20 million barrels below average in the previous estimate.
Throughout the second half of 2021, OPEC+...
1.Strong Rejection of 4 HR support
2. Price broke 4hr Inner trendline
3. Price pulled back to 61.8 zone after trendline break.
4. Price is projected to achieve the daily 61.8, which is in the gray zone ( Monthly resistance)
