Bit of a ride with the USD lately, but with USDCAD now taking direction more from DXY/USDOLLAR than from OIL, this helps me understand whether there's only scalping opportunities ahead or if there's a more complex short coming up. Looking to a re-test of 12500-12510 (USDOLLAR) before we see what's next on the agenda.
Seems to be a regular pattern of fake outs setting major trends on 4hr chart with USDCAD
note the highlighted areas forming a new high/testing highs, then a sharp reversal.
Current position also appears to be similar with 1.312 as a major support line
Will continue doing more research...
Favouring a short opportunity down to 0.72 territory over the coming week or so
Tried to short this before, but missed the triangle on the Daily and got burnt. #lessonslearnt... this looks like a better entry point now though
Not going to fight it any longer. Bit scrappy, but time to look at 2100 as a target.
Going long, then we'll see how it resolves itself after 2100 (bounce off 2065? or drop and head to 1975)
Ideas charted off Daily - so looking at a 2-3 weeks of action here I guess
Was originally expecting this pair to fall below 110.958 - action seems to suggest on daily that it's formed enough of a bottom. But it does require the bulls to step in. This is a riskier trade than AU/EU/GU - so tiny parcel here, but I think it's a good time to get in.
Retracement is just a bit above 50% - that's OK in itself (fib is not a perfect science), so below 1.13800 I like this for a short. But there's some minor potential to see a little bit of growth towards 1.15 to burn some shorts before it dumps.
Will see how we go on Monday
If you wanted to be conservative, you ...
This could be a good short opportunity down to 0.764-0.765. And assuming 0.77227 just became our new high (daily, 1hr), then could see that open the gates to fall down further.
Liking this for a short on Monday
You're not fooling anyone if you haven't thought about shorting the S&P500. And that in itself is a good reason to not want to jump in now. Then the charts show while it's kissing R1 on Daily, this engine has not yet run out of steam and we could see some shorts burnt out before it truly decides it wants to go ...
At the risk of sounding arrogant.. sure, was short last night from 1.43587, taking some off the table about 1.41967.
Question is, where is this going to end up? We've punched through 50% fib on 1hr chart (daily points), so 1.40269 (S1, daily) looks credible, upon condition that we stay below 1.42578 (P, ...
A longer term outlook for DXY based on Daily vs. Weekly vs. Monthly view
While Daily is still gyrating between 95-100, this could still be a positive week for DXY, with some clear direction coming over the horizon (next week). Noted that EMA200 is coming on Daily, so will need to see if we are going to clear that ...