Price is ranging between 2 trenches and is reaching back to the trench above. With price being rejected off the top trench and respecting 200 EMA (mentioned last week), I will look for a short term short of around 70 pips. I think with NZD news next week, price can still go further down but I will focus more on other pairs instead as both NZD and CAD are consider...
Another trade that did not trigger my limit, but nevertheless nice analysis last week.
Meanwhile, I am slightly bullish on this pair, similar with GBPAUD. With Friday making a full blown bearish candle, I am expecting price to break out of this current trench. However, there is a nice support around 1.706 region where price can be supported by 3 high volume...
Nice analysis last week but I missed the trade. Price is now returning to a strong support where it is a congested zone with overlapping of 2 trench and 2 high volume candles supporting. As usual, I am bullish as long as 1.6256 is not broken. I will long only on a bullish signal at 1.6378 or 1.6256 (just a possible scenario: price temporarily hits below 1.6378 but...
Price ended with bearishly on the daily TF, but we have support coming in at 1.1715 and a stronger support at 1.165 from the overlapping of 2 high volume candles (dark blue rectangle), which is why I am slightly bearish. I am only very bearish if price is able to break this support strongly.
Looking at the 4-hr TF, we can...
I am only slightly bullish due to the bearish candle on the daily TF. What I am bullish about is that in the 4 hr TF, price cannot break below the Intraday control, which meant there is possibility of rejection at this area. I will take a wait and see approach and wait for price to clearly break into trench first before I take a long.
The week ended with a bearish engulfing candle on Friday with price closing below the intraday control. Price seems to also be respecting the trendline, forming a lower top. However I am only slightly bearish due to the fact there was 6 straight days of bullishness.
I am continue to be bearish with this pair, mainly for a few reasons:
1) The weekly candle ended bearishly
2) Price is forming lower high and low on the daily TF
3) Price is forming a rounding top (a pattern for trend reversal)
4) In the 4 hour TF, for every few bull candles, there will be a big bear candle
5) Price ended below intraday control
6) COT data is...
I am bullish, but I think with market's behaviour, price will retrace first to take people out. So I will not be surprised if price were to make a sudden drop to 1.641 or even 1.632 before launching.
To take note of this with USDCAD too.
I am slightly bearish as long as 0.7558 holds. Price now at no man land, therefore will be better to short if price retraces. Few COC levels acting at support, therefore got to be careful at these levels (0.743, 0.7344, 0.7285).
Price reached and was rejected by a major resistance @0.7784 (using weekly TF) and will be looking for a short opportunity if price is able to break into (yellow) trench.
If price is to break past the resistance and off the trench, then I will long it to 0.7954.
I will only be looking to short this pair,
1) Friday ended with a bear candle + decent volume
2) Price rejected twice off 200 EMA and trench (confluence factor)
Will be looking for a quick TP at 0.929 first and look for another possible short once 0.929 is broken.
Price has entered into the trench which is supporting quite strongly. I am bullish as long as this trench is not broken. However, I am only slightly bullish as there is a congested zone above it which can push the price back.