About meI'm a mechanical engineer and have been trading off and on for the last 10+ years. Currently day trading and actively developing automated trading systems and tools on Meta Trader 4.
In a recovery from scares over US-China trade policies, the pair has climbed up to the upper end of the 1.34 handle and strong resistance a 1.35 approaching. The pair has already begun to hesitate, may drop dramatically over the next week.
The Loonie pair last week reached the highest highs since early January and is now steadily dropping. I believe this is a good indication that the pair is set to continue upwards on the long term. However, based on the the last few months' price action I believe there is still a solid chance that the pair may yet reach down into 1.33 territory first and I am...
The dollar loonie pair has hit resistance consistently at 1.34 which was breached earlier today. The pair appears to have maintained upward momentum and is now testing 1.342. Can the dollar's strength continue? Watch out for BOC interest rates at 4AM GMT tomorrow!
The Pound Kiwi has worked itself into the point of an ascending triangle formation with its resistance lying near 1.945 and current price at ~1.942. Will the pair breakout or retract back toward the lower bound? Could go either way so watch out! Today's daily candle is nearing a close, subsequent price action going into the Asian session will be key in making a...
I've been following this move for the last few weeks and today has been an important day as the first candle to continue downward from the 200 day MA after closing below the previous day. I believe this to be a strong indication that the price will continue downward in the coming weeks. However , I believe in the near term (1-2 days) we will see a sharp...
Today's move toward the downside despite posting solid and better than expected employment number really goes to show how overbought this pair was after breaking through the upper bound of my "old trendline". However, this break is still within the margin of error of that trend given the previous breach at the end of January lining up with the latest top very...
Looking at a potential bounce coming up near the 1.12 handle. We have a clear psychological response to this near 2 year low in the double bottom formed between March 7 and April 2 candles. The pair appears to be in a move toward this number again today and into tomorrow with a sharp response to breaching this support being quite likely.
The BOC released better than expected CPI data an hour ago causing the looney to drop over 50 pips slamming into the 1.33 handle where we can see the pair consistently reacting to in the recent past. I've observed over the last month or 2 that the USDCAD seem to have real affinity for the 1.33 handle and I've been quite profitable trading on that assumption,...
After a strong recovery by the dollar following relatively weak data yesterday, the USDJPY pair has reached a zone of resistance, and I believe is likely to bounce to the downside shortly going into the Asian session.
After breaking out of the trend the pair has followed the outer band of the double bollinger bands. Sell on the next hourly swing high and ride the following wave down.
After weak US data earlier today the down trending pair was met with indecision which may have just come to an end with a break above the H4 upper trendline boundary. Looking to move back into the range defined by the daily trend which which was broken a little over a week ago.
After last week's decisive break through support we tested the second level of support (based on previous lows in the trend) and bounced off with a brief recovery the following day. However, the pair was unable to confirm a reversal back to the upside when it failed to close the day above support level one indicating that we may indeed have begun trending...
As I pointed out in a previous post, the Kiwi failed to bounce of of support and breached the lower bound of the trend earlier this week. There was a brief correction which failed to break back above the trend line and was immediately followed by a drop back down to the swing low of the initial break. Then with strong US labor data we have a continuation of this...
See the linked post for the entry analysis involving H4 technicals converging with fundamental news released this morning by the US and Canada. As for the technicals here in this post, we have a clear and well developed uptrend on the weekly chart which represents a recovery from steep drops in 2016 and the end of 2017. The pair spent nearly all of 2018 steadily...
After bouncing off of support at the 1.33 handle forming a double bottom on H4, the pair has continued to rise for the last 2 days. Today, the US posted 196K new jobs for the previous month after a disappointing (but likely mistaken) 20K and an expected 180K. On top of that, Canada posted a loss of 7.2K in employment with an expected gain of 1K.
These 3 things...
We have a confirmed break below the lower bound of the D1 trend with yesterday's candle closing a solid 30 pips below my trend line. However, the pair appears to have found support at the previous low of the trend and may be in the very early stages of forming a double bottom. With the Asian session warming up over the next few hours, I will wait for confirming...
The Kiwi saw a nice ~30 pip pullback during the US trading session today after gaining 60 pips over the previous 2 days. With still plenty of room to grow on the H4 RSI and a failure to close below the day's open I see this move continuing on upward this week to at least to the ~0.691 levels where we were before last week's interest rate announcement.
If you want...
The Aussie climbed briefly above the upper bound of a 2 month long D1 trend. The RBA is expected to leave interest rates unchanged, and amidst fears of a global slowdown I expect a relatively dovish outlook. The pair is at a perfect position to really cover some ground towards the downside with an initial target at the previous swing low on H4 (which also happens...
