On the aud/jpy short set up, I see a potential bearish reversal.
Price seems to be in contact with the resistance zone several times so I'm going to go ahead and suggest price will be driven lower hopefully towards the newly formed lower low.
Fib shows 0.382/0.618 retracement depending if you've used the lower low body or wick. Delving into the lower...
We have a corrective pattern forming this looks to be a contracting flat however cannot confirm this as of yet so will watch closely for confirmation, with this is mind will be looking for the third wave down to complete a 3 wave pattern using the 1hr 270 fib as a target profit at a price of 126.819..
Potential sell opportunity this week, has completed a 5 wave corrective pattern with divergence, will be looking for the next 1hr impulse down with the 270 as target profit. This would give us a complete 3 wave pattern in the 1hr.
I'm just learning TA, so I post these more to see how my ideas play out than inform anybody else's thinking. Please tell me if this sounds like a load of misinformed BS.
Looking for the next leg up to land in the €560-€570 range.
It all seems to currently be coming back to that magic number of 1.618 - the One line of this fib retrace is drawn from the support...
Currently rallying up, this is evident because the pair is making higher highs and lows as you can see.
If previous swing low is violated and price closes below it then I believe USDCAD will fall.
However my current bias is bullish and I'm expecting another push/leg to the upside with targets at previous swing high 1.3100 and also long term at 1.34000...
broke down from the trend that most would draw and assume a retracement or even bear however, even with a lower break out of the fib channel it will still be within a setup for a megaphone bull break out. Elliott wave analysis of the megaphone happened to be aligned with a 50% retracement of the December run at the end of wave 4 though this wave passes through the...
Broke First daily resistance Hit my TP and has continued to be Bullish it is in my opinion going to hit the next fib level. I keep my trade running till it hits the weekly trendline. It also goes against an another trendline i have made. I plotted my fib levels and its because im new to using this analysis technique and the fibs should be from swing low to swing high.
USDCAD continued to move lower as BOC raised interest rates to 1.00% seeing investors run to the Canadian Dollar.
Technically we are watching for a pullback into the lows and 38.2 fibonacci retracement before looking for a short opportunity.
- Bearish 200SMA & 200EMA crossover.
- Ichimoku Cloud will reinforce the double MA resistance.
- Closed below previous support zone.
- Price action bearish MA crossover
- Bearish MACD
- In oversold range even with high buy volume
- Trending down and people panicking
- Take profit at FibE levels