USDINDEX has finally test the resistance of 97.5, as we are now waiting for a breakout to the Supply Zone
of the 127% Fibonacci Retracement.
As the Fed Reserve has promised 2 rate hike for 2019, we shall see more of the up movement.
Price has recently rejected 149.00 area, creating a strong resistance.
We can see the Trendline Breakout and price retesting the Trendline
and retracing from 61.8% Fibonacci Retracement,
Projection Long towards the 127% fibo where we can see the Supply Zone in Lower TImeframe .
As we can see clearly, Elliott wave is forming well on USDCAD.
No Wonder we had so long of stalling till the T.
As I have analysed back for the Monthly Outlook of USDCAD,
We are looking for THE BIG SHORT ( just like the movie ) of the Dollar Looney.
As I marked the X, being the lowest,
1 - 2 the First Wave
3 - 4 the Second Wave
Lastly 5 the Peak,
We are having the bounce of the Daily Support Break Resistance,
Good news is we have a Engulfing Candle forming at SBR Level
Plus a slope to show the compression of taking
the liquidity of the Daily SBR.
We have the First W leg formed on the Left.
We are now expecting for price to form the 2nd Leg of the Big W.
To show signs of Reversal.
As of now we will take...
Supply Zone is ready at 112.103 ~ 112.443
As price fails to return back to zone, it has a higher probability that now it will fill up the zone.
This week we can expect a bullish USDJPY towards those levels before it drops again.
Then we look for short again.
Have a great Monday ahead guys
Looking at the structure of USDCAD, it is currently in Downtrend Momentum,
where price produced Low, Lower Highs and Lower Lows.
As we can relate to co-relation pairs,
if we observe OIL, there's a GAP of 85 to 90 per barrel.
It's climbing higher to cover the GAPS.
Fundamental expectation on WEDNESDAY 5th SEPTEMBER:
The CAD will raise interest rates higher by 25...
What's up guys,
it's another week of Clear Divergence.
As we can see, Daily Timeframe showing a clear divergence of the rsi 14,
and the Key Levels between 1.3750 and 1.3600 as the Resistance Zone.
The Britain increases their rates, with 9-0-0 votings and 25 basis points to 0.75% last Thursday,
We are expecting a Strong GBP through the month...
Price previously breakout from the Triangle,
Goes lower towards -1.272 to -1.382
Fib projection where
price is now extremely cheaper to be bought.
Price keeps rejecting where it has now
compressed in a triangle.
Head & Shoulder is expected,
as price shall move higher
towards Key Levels ( 1.20489 - 1.20055 )
Infact when you Pull the Fib
from HIGHEST POINT to...