please review a 1 week Div for the USDMXN pair
Fib re-trace will provide key prices to look for while we hunt those all too important candle patterns
I would like to recommend hunting 1 day candles, look for a Bull Fractal before entering the game
remember this is a...
checking the 1week USDCAD chart study we can see a recent peak in price
this pair is currently in a long bear channel even though the recent channel is bull
I'd be very weary towards more Bull with recent USD weakness
2 weeks ago I was aiming for a 1.40 price point before the next dip but fundamentals put a strong Bear move on the more recent USDCAD Bull
Here is my quick scan of the market.
Of course please don't just buy in Long/Short just because strength shows overbought/oversold.
There is always more room to 0 or 100.
AUDCHF - 26 RSI
USDCHF - 29 RSI
USDSGD - 28 RSI
USDDKK - 26RSI
USDPLN - 30 RSI Rising ATR
NZDCHF - 30 RSI
USDNOK - 31 RSI High ATR
EURNZD - 75 RSI
EURSEK - 72...
Leg BC is satisfied but could retrace down to its verification which opens the possibility of an .886 movement in the BC leg.
Otherwise its a simple jump down below 113 facing 108.
Fundamentals are also a big factor so big swings down to the BC .886 or up to the CD 1.618 are respectable long targets to shoot for.
I'm leaning down atm but the environment is...
revisiting my old friend bitcoin the recent run up demands some digging on the long charts
the 1 week (not listed) has a flat MACD and weaker RSI when compared to last 2 runs up
this 1 day we can see how the MACD does reflect a bullish divergence and this run up but it is already losing steam
with a bearish formation taking place off those 2 recent MACD...
Legs A,B have completed.
Leg C is in process but has verified a Fib retracement .382 Leg A-B (.75245)
Leg C still has potential to operate downwards towards Fib retracement .886 Leg A-B (.72274)
Current targets are now Leg B-C 2.618 (.83196) if we do not retrace down to .72274.
Otherwise the target changes to a much higher price point.
Enjoy and GLTU
USDCAD 1 Day - Bearish Butterfly - 12/28/16<<>>05/02/2017
Legs A,B,C completed.
Leg D satisfied (BC 1.618) 2 days ago 1.37272
Leg D has room to play above 1.37272 some more but last nights action hit multiple walls 1.3746 candles.
Short Fib study (1.36499 - 1.37575)
.382 1.37164 - sustaining below is key 1st step down
.786 1.36729 - possible...
This weeks aggressive Euro moves has negated some studies and populated other new studies.
For the EJ pair we will be looking for key fib levels to define possible Cypher patterns Butterfly and Deep Crab Bearish.
Per ususal the market negates our XA move and the study is nullified.
122.887 cannot be exceeded
121.971 is a key .886 level and supports the Deep...
see chart notes for key ranges and notes
current move is chasing the AB movement into 118.257
XA - 117.016-120.362
AB - 118.257 range, unconfirmed
If AB plays out will update BC next target
If AB fails will nullify the study
XA - 1.38045 - 1.45998
AB - 1.40528 - CONFIRMED
BC - in play awaiting confirmation
AB .382 1.42617 confirmed but exceeded
AB .886 1.45374 unconfirmed but flirting with confirmation
Current leg on deck:
BC 1.272 1.39219
What to look for?
If the AB .886 1.45374 is confirmed then:
CD new target will be:
BC 1.618 1.37554
Chatting on Forex Board with user JohnQuid got me interested in this potential EW pattern for GBPNZD.
If we are in fact on leg 4 looking at key prices:
1.84327 holds price the next target is short to 1.73058
1.84327 does not hold, next stop is 1.97957 and Impulsive Wave 4<<>>5 is in play which is a pretty deep dive short
I will update this...