God morning fellow traders!
Last time it reached this level was 2014-01-24!
Its a f**king great day! What we have is a hammer with a very long tail, indicating a strong momentum on the bulls.
Today we have a bullish move. This such a move that every body at the trading desk is waiting for!
So i will do 3 trades today only on AUDUSD. I will buy either later...
AUD/JPY has formed a Bearish Gartley pattern on the Weekly chart. Also, a Bearish Engulfing candlestick has formed. Stop is above point D. Initial profit target is 50.0 % Fibonacci Retracement of AD @ ~ 92.50. Happy Trading.
Price was rejected at resistance. With a bearish engulfing candle as a confirmation.
CMC PE is 30.57 while the overall sectors PE is 23.90.
Waiting for another point of entry.
Simply put, the Euro has been declining for virtually all of July. Demand has been weak and support levels have been broken time and time again. From my POV, this is the first Bullish RSI divergence on the Daily in quite some time. The divergence came with some interesting PA as well:
July 30 and 31 presented two Hammers, followed by a Bullish engulfing pattern....
After friday's horrible job numbers, CAD should continue to weaken. The market should be continuing to buy USDCAD for this week.
Long USDCAD above 1.0910-20
SL 40pips
TP 1.1000
I want it to come back down and touch 1288 again on a retrace, but this is definitely bullish.
The wicks on the previous candle in the purple region tells me demand keeps push the bears back.
