This could be a major reversal point here based on past price action. We have tested this level and bounced off multiple times previously. For this to be a reversal we need some kind of pattern around this level.
We need to see the correct bullish signs at 0.85000 for longs. Also think we can touch the ascending trendline for the third time which is in correlation with a 4 hr key level. good risk to reward of 1 to 4.
nice potential head and shoulders forming off daily resistance. If we get a nice rejection off the right shoulder and .500 key level we could see CADJPY fall out the sky. We also have a brilliant counter trendline break. brilliant risk to reward. big cad news on Monday but apart from that we should see a relatively slow week coming into christmas
price has reached a key area on the daily and is in need of a pullback. price is slowly starting to weaken on both the 4 hr and daily which suggests sellers could hit the market very soon. Also a very good risk to reward
Break of market structure expecting buyers to now come into the market. good risk to reward aswell.
In correlation AUDCHF is also in a bullish uptrend so we are expecting more bullishness/ strength from the AUD.
Price is reacting well so far on the 61.8 fib with a morning star formation on the 1 hr.
Could we have a double top and push down?
3rd touch descending trendline and hitting an equal higher high. if we see rejection we could sell back to the last higher low.
We are also at a major level of 0.65000
All time frames we are bearish. if we see rejection in the red highlighted region we will look to sell for a reward of 200+pips.
Could possibly form a head and shoulders pattern and see a nice downfall for this pair.
Expecting GBP strength which will push this a lot higher. we are still creating higher highs and higher lows and we have matched the last higher low. As soon as we are 30 pips in profit move stoploss to breakeven