Cash sell on rally in CADCHF as it is forming a Head and Shoulder pattern in the 4 hours chart. The pair remains bearish after hitting a tip of the right shoulder at 0.7570. It is likely to continue the southward journey towards the support of the pattern at 0.7480 level.
Sell : 0.7532
SL : 0.7570
TP : 0.7480
Risk Reward: 1.23
GBPCAD recently formed a double top in a 4 hours chart prompring a sell on rally in the pair. I suggest to go short in the pair with stop loss placed at the tip of the chart pattern.
Trade Information :
SL - 1.70975
XAUUSD gave a daily closing below an ascending trendline prevailing since July. Apparently, it's bearish signal providing a sell opportunity in the pair. Additionally, it has a pierced a major support at 1480, suggesting a pullback in gold. So, sell trade can be placed.
Sell: Below 1471
Target : 1418.67
Stop Loss: 1485.92
There is a double top formation in GBPNZD in the daily timeframe. So the pair is likely to edge lower before finding support at 1.9393.
Target 1- 1.9393
Target 2- 1.9070
Stop Loss- 2.0039
There is a Gartley PAttern formation in the 4 hours chart of GBPJPY. The currency pair has started to reverse from point D in the pattern . It is likely to go down upto point B of the pattern, a calculated target for chart pattern. However, traders can wait for the daily closing below 133.90 before going short in the pair to confirm the downside momentum . Trade...
EURCAD has started to fall after making double top at 1.47 level. I expect the pair to decline further to hit the first target at 1.4562, followed by next target at 1.4460. SL can be placed on the tip of the pattern at 1.4716.
AUD/CAD is witnessing a sell - on rally from 0.9090 level. It has recently made an attempt to pierce through an uptrend line prevelant since 30th August in 4 hours chart. The decline in the pair is in accordance with the RSI that has already indicated a short spree in the pair at 53.90 level. Furthermore, the pair has also formed a head and shoulder chart pattern...
There is a sell opportunity in USD/CHF at 0.9946. It has formed a triple top level near 0.9946 which implies it is bound do go down as a corrective mood. Additionally, another chart pattern called the ascending parallel channel is also spotted in the daily chart of the currency pair. the price action has hit the upper boundary of the channel at 0.9946. Therefore,...
CADJPY is trading within a bearish parallel channel since 4 March. It's an ideal opportunity to short the pair trading right at the top of the channel that is lilely to face resistance at the upper boundary of the chart pattern. I have marked two TPs for traders. First is for conservative traders who can capture a bit of corrective move upto 80.98. Others can wait...
GBPAUD is trading in an ascending parallel channel. The currency pair has found a floor at lower trendline of the channel near 1.7850. it has rebounded from this level towards north to test the upper boundary of the channel at 1.83677, a target for my trade idea. On the dowside, limit your losses with SL at 1.7793, slightly lower than the lower boundary of the...
Classic Cup and Handle formation might launch higher prices path for Gold.
SL is placed at the bottom of the handle near 1262 level. The pattern has a target equal to the height of cup at 1539 with smaller targets during the journey towards the ultimate target.
TP: 1418, 1480, 1539.
EUR/USD is likely to go down in near term as harmonic pattern is formed so traders can short EUR/USD near 1.12870 as the price is approaching towards first support at 1.12162. SL is placed right at the top of the pattern at 1.3310.