Hello Traders,
Here is the Top-Down Analysis of EURCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 40 - 28 Sept
M > Price faced rejection at monthly resistance zone and started moving downwards. Price also completed W pattern.
W > Price dropped to test previous resistance now turned support and started a pullback to the upside. Price is also finding support of upward trendline.
D > Price dropped creating LH and LL, last LL respected upward trendline and created a HH but since then (2 weeks) price is in consolidation and moving in a range.
As per COT EUR saw addition of more Long than Short, increasing net positions whereas EUR was weak for the said week. EXY was very weak last week and it is testing support level now. CAD saw closure of both Long and Short further reducing net positions (which is in -ve since March 2020), N-R saw major closure of Long and few Short and Commercials saw closure of both Long and majorly Short, confirming weakness for the said week. CXY was more weaker last week, however market should reverse bringing CXY to +ve net position. CXY is now testing support level.
4H > Price is moving in a range of about 100 pips which is good for Intraday trading but for swing trading price needs to breakout of this range to provide us clear direction.
Pair Correlation > EURCAD has positive correlation with EURGBP and negative correlation with CADCHF.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of EURCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 40 - 28 Sept
M > Price faced rejection at monthly resistance zone and started moving downwards. Price also completed W pattern.
W > Price dropped to test previous resistance now turned support and started a pullback to the upside. Price is also finding support of upward trendline.
D > Price dropped creating LH and LL, last LL respected upward trendline and created a HH but since then (2 weeks) price is in consolidation and moving in a range.
As per COT EUR saw addition of more Long than Short, increasing net positions whereas EUR was weak for the said week. EXY was very weak last week and it is testing support level now. CAD saw closure of both Long and Short further reducing net positions (which is in -ve since March 2020), N-R saw major closure of Long and few Short and Commercials saw closure of both Long and majorly Short, confirming weakness for the said week. CXY was more weaker last week, however market should reverse bringing CXY to +ve net position. CXY is now testing support level.
4H > Price is moving in a range of about 100 pips which is good for Intraday trading but for swing trading price needs to breakout of this range to provide us clear direction.
Pair Correlation > EURCAD has positive correlation with EURGBP and negative correlation with CADCHF.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX