From March/April 2013 AUDCAD was in a long term downtrend but more recently has been moving upwards. In my opinion it may have completed a major retracement and may be headed lower again to the area around 0.91-0.92/
In the very long term the current price levels around parity have been a very muddy area for AUDCAD ...
With nzd appearing to have broken below 0.81 there is potential for a retreat to the bottom of its previous range, to approximately 0.765-0.77. At current levels a solid move and close back above 0.81 would invalidate this idea. Reward:risk ratio just over 3
On the daily chart there is clearly a series of higher highs and higher lows. Provided that todays close doesn't penetrate the previous low just above 6400 I would be looking to establish a long position with a target of at least 50% of the channel drawn, but long term target would be 6900 if it completes
Last week nzdusd fell back after hitting the 61.*% retracement of a large downswing, again hit close to it earlier today/last night, except it fell after coming 7 pips lower than previous attempt. Potentially signal of larger downward pressure for a move back to 0.815-0.82
With the formation of a tweezer top on 1hr chart just below a previous support level, expect to act as resistance, along with the recent cut in ecb rates and eurozones economic divergence with uk, positioning short eurgbp. Initial target 0.83, entry @ mkt, stop around 0.8415-0.842, may head lower than 0.83, will ...
With support looking to be found at 1305-1310, 50% retracement of previous upswing there is the potential for an ABCD pattern to form, with it beginning the CD wave now, targeting 1416. If long, look for possible resistance at 1360
Pin bar peak on 21/08/13, making a lower high from Junes High at the end of an almost perfect measured move.
Going down to prospectively <1.48? Will target 1.54 initially, see how price reacts and possibly add to short position at 1.54 if PA dictates a lower move.
Entered at 1.5607, SL @ 1.576 TP1 @ 1.54
With current levels having bounced off a 61.8% retracement of Aug 5 high and Aug 08 High i'm inclined to place a buy at current levels (1.3299) with a target of 1.34 initially and a stop at 1.326 providing a reward:risk of 2.5:1.
1.327 levels previously provided a bounce up to 1.34
With Support tested and held on friday and todays market providing a bounce upwards I am ready to buy with a target of approximately 1.31. When reached, move SL to 1.308 to allow for a slight bounce down from support in case it is able to break through again and move higher.
In my opinion, there is a clear inverted head and shoulders pattern within the EURUSD, with Jan 2012 and Dec2012 lows being the shoulders and the long term low of jul/aug 2012 forming the head. With this in mind, the corresponding neckline appears to have acted as support recently and i expect the same to occur ...
GBP/USD recently rallied up to test 1.51642, a price point previously tested @ 10am GMT, thus far it has failed to break through. With today's daily high @ 1.5190, lower than yesterdays, this may suggest a swing high occured yesterday making conditions optimal for short entry.. Pattern will be confirmed if price ...