*TRADE STOPPED* Potential Loss = 10 Pips GBP/USD could try next structure level after structuring a short term double bottom. Entry: around 1.6774 Take Profit: 1.6795 Stop Loss: 1.6765
*TRADE CLOSED* Potential Profit = 21 Pips AUD got some weakness in the last week after negative employment rates. Retest of last low is likely. Enter a sell IF market hits 0.9268 Stop Loss: 0.9286 Take Profit 0.9243
We saw that the uptrend from the end of 2013 got destroyed just by one sentence: "We are going to manage the strenght of the Euro against the Dollar in June." The market got in a really overextended selling rally. Additional to that "market panic" positive US ecenomy values got released and Ukraine crisis destroyed stocks and indices of the european countries....
The technical situation shows potential for another impulse wave to form a new higher high. First target is FIB 38,2%
We have a FIB 61,8% Level Rejection here and this could be worth to think about a reversal in the upcoming time. This is technical a early stage for thinking about a long position. If a second Bullish Divergence structures on RSI it would be a buy signal for me. I am Waiting for the MACD to show a clear Bullish Divergence. At the moment it shows just a half one.
The sideways market seems to end in the upcoming time. Therefore I tend for more upwards pressure.
The situation is very optimal for a buy with targets at 0.815 and 0.82 or 0.83 in extension.
The Situation shows a very good setting. But there is a potential for 1.419 again, before going up. So therefore wait for 1.419 or for the red trend line to break for a good entry.
This structure shows current aims. We are on a simple a-b-c pattern. If the subdivision of the B-Wave is complete at 1280 then the following direction will decide if the C-Wave is going to be done or if the FIB Retracements will be break for a downtrend.
I supported the short Idea until these divergences got structured. Im a Divergence Hunter and this is pretty much too much technical strenght for a reversal. If these divergences also appear on D1, then the situation should be very clear. It is possible that it will fall again it after moves towards 1,36 at least.
The double side divergence and the neutralization of the downdwards pressure are good signals for a reversal. The situation looks very clear. Also on 1W and 4H charts Divergences appeared. I look forward towards 1.50
After the fall on last friday it shows more potential on the downside at least until the BOE Minutes. Im looking forward for 1.704 as a key resistance again.
The short term view shows a technical short term charge or potential for another at least 70 pips towards next upper resistance. Target 1.08 at least and maybe a bit more.
The weekly chart shows bullish divergences twice on top side and once at bottom side. This is a strong force for getting into the sequel of an uptrend from 2009. First optional target: 0.915 (risky) And then 1.00 - 1.05
We are stuck in a neutral zone between 1305/1295 and 1330/1333. A outburst of this neutral zone should give a sign for further movements. 2 Considerations for Bearish Argumentation: 1. MACD reacted to the double bearish divergence 2. Bearish engulfing pattern on weekly chart possible, if close belowe 1305
The expectations for Canadian Core CPI are negative and 13 hours to go from now on until the release. Normally the market prices in towards the expectations and when the expectations become true it pushes much more. So therefore I think it would be profitable to go long on AUD/CAD and USD/CAD until the release.
There is a hot decision area now where further movements will show the progress in the future.
There is a strong probability for a retest after MACD shows 2x Minor or 1x Major Bullish Divergence. Im looking forward for reaching the red horizontal resisance lines.