two scenarios which could happen. price could bounce off the support turned resistance where it is at now or it could extend higher and then bounce off the next structure level.
Canadian dollar strength most likely from the unexpected rally on oil as they are correlated with each other. bias is still bullish, we've got a nice pullback to get in with the uptrend. Will be look closely at price action i.e Hammer,bullish engulfing pattern, doji,morning star if price gets to the 0.618 fib level which is also in confluence with some structure...
BOC (bank of canda) surprised the market last week by cutting rates which weakened the Canadian dollar causing USDCAD to rally. we'll be watching employment data for canada next week aswell. Buy on any pullbacks. Next target at 1.3000
Price bounced off the 0.236 fib several times forming a evening star and then several bearish pinbar candlestick patterns in a row. This is indicating selling pressure, we could see price advance to the downside soon. My preference is a rally up to the 0.5 fib in confluence with some structure but advancing up to that level is looking less likely. RBA meeting on...
Used a fib on the leg down which started from yesterday. I.ll be looking at the fib levels to sell into rallies especially the 0.500 fib because there's also structure at this fib level. Technicals lining up with the fundamentals because on Tuesday we have RBA meeting and they could be dovish and possibly cut rates again which will weaken the Australian dollar...
Textbook setup. 3rd touch on the trendline, Bearish inverse hammer/pinbar bouncing off previous support turned resistance. first target at 45.00
inverse hammer off the 0.500 fib. FOMC meeting tomorrow and im expecting the FED to have the same tone as the last meeting and remain hawkish looking to raise interest rates in 2015. if this happens we will mainly see eurusd and audusd advance lower.
looking to sell on any decent rally which is what we are getting now. Trendline is in confluence with the 0.618 fib level and support turned resistance structure. also in line with the fundamentals as the BOE are dovish.
Price retracing back to the support turned resistance key level. Textbook break retest continuation setup