From the daily time frame we have reached a level of interest and I notice momentum is failing (purple lines). Also from a correlation stand point I noticed that the JPY group as a whole is at an area on most crosses that it wants to change direction and CAD is showing immediate strength at the moment.
From the 4h chart I can see buyers starting to show up. We are also seeing divergence in the market telling us selling is over extended and to stop selling. I will say we have a context change to a buy bias once we cross the 83.06 handle (my orange line). I would like to see this area taken out with a skinny leg (aggressive parabolic move), followed by a struggling pull back as test. So I am looking to buy at roughly the 83.00 big number.
From the 4h chart I can see buyers starting to show up. We are also seeing divergence in the market telling us selling is over extended and to stop selling. I will say we have a context change to a buy bias once we cross the 83.06 handle (my orange line). I would like to see this area taken out with a skinny leg (aggressive parabolic move), followed by a struggling pull back as test. So I am looking to buy at roughly the 83.00 big number.
All the analysis is based on techniques from:
www.urbanforex.com/
Check out our in house strength meter app we use for all our analysis on the app store.
FX Meter : itunes.apple.com/us/app/fx-meter/id1286671384?ls=1&mt=8
www.urbanforex.com/
Check out our in house strength meter app we use for all our analysis on the app store.
FX Meter : itunes.apple.com/us/app/fx-meter/id1286671384?ls=1&mt=8