In H4 - Price has been trending within the channel where recently testing the upper channel resistance and forming strong rejections with 2 bearish pin bar. Possible entry for short position at 1.4669 for 24 pips S/L and RR 1:2
D1 Chart: AUDCAD has been in a strong DT for 9 days, price is overextended where we can expect a snapback to 50 EMA for DT (downtrend) continuation to 0.8855 mark. We must wait for confirmation candle to enter a countertrend or trend continuation position
Forming double top in M15 in confluence with MACD forming LH (lower-high), for a probably M formation and testing of 200MA. For higher time frame confirmation in H1 price action has been up-trending within a channel where missing leg will head back to the support line of the channel, also in confluence with MACD divergence. S/L: 36 pips R:R 1:2
After the FED decision on first rate cut in over 10 years, cutting its interest rate by 25 bp and formalized the end of QT (Quantitative Tightening), ending the fundamental expected for the market to break the weak resistance level. Forming a strong bullish candle on the weakly chart and still having some clear room for more bullish momentum, where in confluence...
Last week oil price worked its way breaking 200MA and 50 FIB level and heading to the last line of defense 61.8 FIB level. As it was mentioned in the previous review (), Saudi Arabia with OPEC is vigorously working its agenda for a higher oil price within the range of 70$ per barrel.
* US crude production has slowed down considerably since the beginning of the year, mainly because active oil rigs drop down, although a bit higher than this week last year, they're pumping less crude.
* Venezuela political disaster and continuously rolling in whole nation black-outs are a critical factor in the oil production plunging....
After 20 days healthy correction it will continue its bearishness, still price has not tested Fib level 618 indicating that correction has not finished yet, but RSI and MACD showing divergence indicates that even though MA are crossing to mark a possible trend change, price action will continue down-trending. Time for shorting position or or closing to take profit.
Following the BTCUSD price action cycles with its peaks for every period, harmoniously it has formed perfect waves among its tops, been the last highest top in 2017. Still, there's some room for more bearishness always respecting the lower arc that has formed. Let's hold tight for 2023 when is the end of the 4th wave.