On the Daily, price bounced perfectly off of the 100d MA, respecting that level and maintaining a daily bullish bias.
On the hourly, price is just breaking the hourly 100/200h MA's. They are squeezing together(possibly indicating a cross for sells). However, a clear break higher here still indicates a bullish bias.
On the 5m price has just...
After a fast break higher to a key daily resistance level, price immediately payed its respect and bounced. Now, price has confirmed lower by breaking the 100d, and price has respected this daily MA twice now. The hourly is yet to break, however the market closed as the 5m broke its key levels.
There are some key USD...
EURUSD is in a critical area this week.
EURUSD has been in a long term bear trend, but has been ranging for quite some time now. Now, price is flirting with the 100 daily MA, a key indicator of further price movement.
- A break higher, through the 100 daily MA, could mean a major correction or formation of a new bull trend. Also, on the...
For a short term move, price has reached the 1.00 fibonacci level, which is also the top of a ascending wedge line, as well as a previous weak support line. Look for price to bounce off of this level to confirm a short term sell.
If price continues to follow the ascending wedge, this will signal a strong long term sell.
More in-depth notes within the chart. The fundamental, sentiment, and technical analysis all come close to indicating a short term sell on USDCAD. I am particularly looking for the bounce off of the minor resistance and the clear indication of the EMA's to confirm the sell. More news from CAD would help as well.
My analysis has many signals working against each other. There is no clear indication to where this trade is likely to go. However, weighing some signals over the others, it appears that EJ has exhausted this uptrend and will experience a downtrend in the short-term. Look at the notes in my chart to read my in-depth candlesticks, fundamental, sentiment, and...