Late last week, USDCAD arrived at a confluence of a short-term 161.8% fib and 61.8% parallel of the 2019 channel at a maturing local wave count. In case the pair closes the week-open gap and then reverses back above 09'low "double top" level, an opportunity for trading a short-term correction/fake-out with a clear risk-reward arises. Be nimble.
Possible breakdown of a leading diagonal.
NZDUSD has broken the H&S neckline in five waves from the bottom of the right shoulder, and is currently at a fib confluence resistance. Highlighted is a favorable spot for considering continuation longs at the confluence of the H&S neckline, 61.8% retracement, the channel's upper boundary, and wave (iv). Failure at the spot may imply that the pair may be in...
Potential EURCHF H&S breakdown early in the week, especially in a risk-off scenario. Risk-on scenario favors EURNZD as per the linked Related Idea.
Dialy RSI is noticeably diverging, and the Head is placed against a long-term resistance zone. Be nimble as the neckline is close to various support levels, and watch risk trends.
Notice how the red pitchfork parallel line provided support and resistance on the way up from the local bottom. The 109.00 area has a confluence of short-term fibs and a longer term structural contention zone, with 200 daily MA being currently nearby at 109.07. If the price tests this zone and gets rejected breaking the red line, it may be due for a deeper...
AUDJPY has made five waves from a local bottom and closed a September gap.
GBPJPY potential wedge developing at resistance. An alternative count with another leg higher within the wedge cannot be excluded.
Looking to fade strength into the upper parallel along the lines of the presented structure. A broken trendline or another signal may be used as a trigger. The approach needs to be nimble.
USDJPY is approaching a confluence of fibs, 200-day moving average and a long-term horizontal contention zone in the 109.00 area.