Price Action is bullish but the volume is not really supporting it. I believe a correction might be in the making and we might see price retest 1.2526 before moving up. It should be noted that GBP is one of the stronger currency at the moment.
There is some bearishness coming in, and I think it will be quite volatile for JPY especially when BOJ Policy Rate is released. I feel that market makers can spike price up one last time to trigger stop losses before making their intended move.
COT data shows Commercials and Non-commercials are both at the short side for CAD. Therefore I will be looking to long but trend is now bearish. Therefore I will keep a lookout and will not enter until I am very positive about the bullishness.
I will be looking to short as long as a bearish signal is showing. COT has been suggesting JPY's strength for quite some time. There is BOJ policy rate news on Thursday. Will be looking at JPY pairs closely.
Price action is very bullish, but price now in between 2 bearish trenches. Although it has broken the 1st bearish trench, there is still a 2nd bear trench that has been strongly rejecting any up move. I am to short should price go to 0.7685/0.7736 and shows bearish signal.
Trend is still down trend with lower highs and lower lows. However, the week ended with a bullish candle on both daily and weekly time frame with the volume almost matching the previous week's candle.
Price could range between 0.9819 and 0.9965.
There was a good run to the upside but price decided to return to my Entry position. The candle ended bearishly and I am expecting 1.766 to hold as usual. If 1.766 fails to hold, I will look to hedge my position and take profit from my short position when price reached 1.753 and shows a bullish candle.
Overall structure is still bearish. However, COT data is suggesting CAD weakening (XXX/CAD bull), therefore I am bull-bias. Due to the structure being bearish, I am expecting the price to fall further before any up move and break the support at 1.6515.
There are 2 supporting levels to note:
To enter long, I am more than happy for price to fall lower.
Structure is bullish even though price made a bearish candle on Friday. There are 2 congestion area supporting the price:
I am bullish as long as these 2 levels hold. Therefore I will be looking to look for long at either of these 2 levels, the lower the better.
First level of resistance, 1.716 and if broken, can go up to 1.7336.
Price's been ranging in this trench for the past month and seems to be gathering energy for a break out and I believe will be a break up north. COT data shows extreme divergence for NZD and I suspect a free fall for NZD to happen soon (XXX/NZD bullish).
I will long if price is able to reach 1.0373 to form a double bottom. First resistance at 1.0527 and...
Price broken off trench which has been supporting well. Therefore this trench will turn into a resisting trench.
Whole structure still bearish with lower highs and lower lows and will look to short at a higher price possibly at 0.9903 or even at 0.9966 when price makes a correction.
Updated my drawing! Had a nice TP from my previous trade and will be looking to add another short position. Currently, price have broken off from the first level of support, supported by the candle indicated by volume no. 2.
I am expecting more bearishness to 0.72 but price is at a no-man land at the moment although one can still try to squeeze a 1:1 risk...