We have see a nice breakout and retest of the trendline .
On the retest we can see that the candles have formed a reversal pattern, we can see an evening star and an upside down pinbar which some might call it a hanging man.
it all fall sin line with the resistance zone and its within the 61.8fibonacci area!
1 - Fibonacci 61.8% area
After an impulsive week on this pair we still believe that the USDCAD is bullish,
based on the analysis we have seen the pair created a left shoulder and its on its way to
creating a right shoulder ,
the right shoulder should be completed on the support area and that falls in line with the Fibonacci retracement 61.8%.
I will only take the trade if i see a...
weve seen the price impulse through the trendline and now its retracing back for a retest of the trendline.
the trendline retest area is inline with the fib retracement 61.8 and the supply an demand area!
looking for a short from the fib extension for around 110pips!
website : www.reliancefx.com
Instagram : Reliancefx
Telegram : @OfiicialReliancefx
seeing a rejection of the support zone falls in line with the 61.8 fib rejection and it creates a right shoulder for a head and shoulder pattern.
We believe that it will create a doubletop.
Instagram - Reliancefx
Website - www.Reliancefx.com
After creating a triple top of the same resistance zone and showing a higher rejection with the candle sticks,
it broke the mini uptrend and retested the trendline , we believe that it will drop until the next area before it pulls back.
Audnzd opportunity! As we can see the market is bearish, we have seen a breakout of the trendline and a retest,
the retest bounced of the fib level 50%, we only take trades based on 3 confirmations and the final confirmation would be the candle stick!
If it gives us a rejection candle stick (price action) then we will be taking this trade to the downside around...
FIRSTLY you can see that the trendline and the fib tracement are inline together so that's a strong confirmation for me, if I was to move the fib extension lower to the lowest its been which is october youll find that it is still in like with the trendline but it wont be the 61.8 its the 50%!
also another confirmation i have is the head and shoulder...
Waiting for retracement to go long towards the fib retracement 61.8 inline with the trendline that I have in place.
so im expecting a short around that area depends on price action, once it goes short im expecting a breakout.
as you can see I have a cross there which shows that the market is repeating itself, creating the same pattern but towards the downside.
expecting a short
as you can see its just bounced of a rejection zone, exepcting a breakout of the trendline and entry
is just under the trendline for safer entry, to me I can see it squeezing for a sell is on the cards for this pair.
it might go long to the zone and will short after that, which ever one it touches I will enter on.
forgot to publish this trade last night
I was waiting for the gap to close and catch the trace on the retracement of the 61.8 long.
expecting a long to the retracement 61.8.
first take profit will be around the trendline and depending on the price action we will take to the next TP which is the fib 61.8
broke the trendline and expecting a re-test of the trendline where it lines up with the fib retracement 61.8
if price action lines ill be expecting Gold to be a long till the 61.8 retracement around 300pips but to be safe ill
only take it to the double top.
f trendline is broken then expect audjpy to be a short to create a double bottom.
if you want to play it safe you could hold it to the fib retracement 61.8.
currently waiting on price action and probably a retest if broken.
overall its a short for me.
break of the trendline and retested it the second time as a double top,
expecting a sell now to the 61.8 fib retracement or even the 78.6 on the trendline
also the 50ema is another indication for me because the ema is over the candle and its just resisted.
expecting a 4th touch on the trend line
which then creates a right shoulder for
an upside down head and shoulder.
also the right shoulder could potentially
bounce of the fib 61.8.
if you was to draw a line from prev high 83.1
to the prev low its hovering around the 61.8.