After CAD/USD broke out of the descending trend line I had on my last chart it seems like now it could be forming a descending channel.
Price is approaching a key S/R zone and also the top of the channel, it looks like currently price is bouncing downwards off this but we will have to wait for the 4hr close.
Once we have confirmation this could be...
I have been watching and waiting for the price to move back up to the descending trend line and it seems its on its way their now, above in the chart you can see the short term descending trend line and long term ascending trend line are lined up nicely and it seems price should move back down before either bouncing off the ascending trend line...
AUD/USD did not play out how we predicted last week! Trump's press conference gave USD a chance to correct and give this pair a push higher to break support and this descending trendline. AUD/USD is currently sitting at key weekly support which price reacted off nicely recently. We will be looking for a pullback to the 50 fib/next support at 0.7350 to form a right...
Short taken on Friday.
noticed the 3rd trend line touch, alongside the formation of a tweezer top at the 50% fib level.
The MA's have also just crossed indicating downside momentum when you go down to 2H time frame, which i entered off after a counter trend line break.
entry @ 0.7318
stop - 0.7370
tp2 - 0.0750
1:3 risk reward
Fibonacci hit a D at 1.0350 almost to the pip, a new fib has formed.
Expecting a move up to 1.0460, where the dollar strength will resume and push down to new lows and to the 161.8% extension at 1.0150