• Price is in D1 downtrend with a pullback & bearish engulfing rejection of .7200 level.
• Price broke .7175 H4/H1 support area and is coming back for a retest.
• Expecting a retest of the .7175 area before continuing the bearish run.
• 1st target will be .7130, then .7100 and potentially even lower.
• Several confluences are present, such as H4/H1 50ema and pivot.
On the daily, price showed a massive bull run from Aug 21-29th with overextension to 115.00 key resistance and a small double top.
The 4hr shows a range breakout and retest along with a 50ema break and retest at 4hr resistance and 38.3% fib.
The 1hr shows a downtrend forming along with a break and retest of 50ema and 4h/1h resistance.
Profit target is at the 1hr...
Price showed a strong rejection of the Daily resistance area around .7950.
Expecting further decline to next area of support at .7775.
Simple break & retest entry with multiple confluence factors.
With a bounce from the Daily and 4hr Demand Zones, I'm expecting USDCAD to move higher into the 1.3200 region where our Weekly Supply zone is located. Price action is showing clear signs of bullish momentum with HH and HL being created along with a 3rd bullish trendline touch on the 4hr. Simple 1:2 trade with an entry after the bullish engulfing candle on 4hr.
Price reached my pending short order and has been activated at 1.2400. Price has already begun heading south from the Daily and Weekly Supply zone. Expecting price to continue falling; targeting the 1.2240 area right before the Daily Demand zone below.
Price has reached a Daily and Weekly Demand Zone. With a bit of over-extension showing, I'm expecting price to pull back into the 1.2700 area where there is a 4hr supply zone. A triple bottom has also formed on the 4hr.
After taking UJ long for a nice win, I'm looking to sell from the 1hr supply zone & 50 ema confluence. Expecting price to move lower towards the 4hr/Daily ascending trendline and 4hr/Daily demand zone.
If we can get a retrace up to the 1.2825 area, I'll be looking to sell down to the 1.2700 area based on selling pressure and confluence of the 4hr supply zone, 50 ema and descending trendline. If that area is broken to the upside, we may be looking at a potential short opportunity at the Daily supply zone above.
Price has completed ABC Correction on Impulse leg from higher time frame ABC Correction. Expecting Bullish momentum to continue.
Entry at 104.19
TP is at 104.50 for 30 pip gain.
SL at 104.03 for 16 pip risk.
Our Long trades are still in profit. Additional entry highlighted in yellow @ 103.55 - (61.8% retracement) in case you missed the original entry at the completion of Bullish Gartley (103.15). Target is at projected completion of Bearish Butterfly.