This week there are 2 Inside days. The first inside day mark the end of the uptrend line. In addition, price action shows a lower high and lower low. This adds to the conviction for a trend reversal as RSI indicate a bearish divergence. The weekly chart also added a bearish engulfing candle which suggest many longs are trapped and many wants out. Weekly chart...
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EURCAD Hi everyone this is a possible trade. Few of the reasons that makes this setup look good. First being at the previous support, trendline and the pattern itself. Lets see how it plays out and Good Luck :)
The USD sell off as traders set a chain of profit taking after 2 weeks rally due to various factors: - Greece uncertainty of exiting the EZ make holding USD worthwhile - US Economic data has been promising with CPI much higher - Hawkish comment from Yellen - That view is changing with 5th of June looming for a potential deal and no Grexit A lower USD...
We called for a bounce towards 1.0960 yesterday before a move lower - pair actually bounced a further 220 pips and is testing former trendline support/the area around the neckline of the H&S. Despite the higher low and serious bullish momentum - we are still looking for a fail around here. Currently Neutral looking for topping candles/signals before entering short.
Entry: Long Dollar on the break out from the flag and taking out previous high of 97.73 for confirmation. Stop: Use 97.00 psychological level or 96.98 which is 76.8% retracement of the flag high to low. Target: Using the Flag pole as an estimate to a target - we have 100.37 (which was previous target) Trade Invalidate if: - Fed members talk down the dollar -...
EURUSD Retested 1.1 overnight but failed below 1.0980 - the move was quite quick and we once again missed our entry. See another bounce towards 1.0960 before an eventual move towards the multi-lows around 1.05. Shorts above 1.0940 against 1.0980/1.1005 are valid but more conservative traders could wait for a break of the minor support trendline/overnight low...
EURUSD Has turned lower from former trendline support and looks set to head lower - we are hoping for a retest of 1.1 after taking profits but may have missed out. Flat for now - Looking to short.
EURUSD has broken through horizontal support after a Head and Shoulders topping pattern earlier in the week. A top is now in place at 1.1450 and pair appears to have resumed it's down trend - we opened a small short position at 1.133 and added at the open. Aim is to fade into a much larger position targeting the multi-year lows, continuation. Pair has been...
EURUSD has broken through the ascending neckline confirming the Head and Shoulders topping pattern. Sadly this occurred without a bounce and there was no chance to short higher. Pair appears to have stalled at horizontal support above 1.1050 and we may well get a bounce towards the (broken) ascending neckline around 1.11250. Look to sell any bounces into this...
Today, we shall keep an eye on EURJPY as well. Pair has a nice bearish structure following a break down from an ending diagonal at the start of the week, so we assume that price will continue much lower after any corrective bounce. Well, we already see correction unfolding towards 135.50 area where sellers may cause next leg down.
FOMC meeting minutes could be the main catalyst. A higher dollar could impede economic growth in the US and the Feds may continue to water it down - watch how other CBs are all trying their best to have their currency to stay competitive.
Closed my longs before the statement and then went short assuming the FOMC's lack of action meant we would retrace much of the gains the Euro had the last day in anticipation. Currently holding a small long position as my general rule is to trade the with the longer trends.
AUDUSD sellers are testing the waters below the wedge bottom and looking to take out the April 21 low, 7682. A break below there would target the multi-year lows around .7550. On the other hand, a false break/trip back above the wedge top, would negate the wedge and suggest pair is actually ranging. We are short from .7756 with a breakeven plus 2 stop - ready for...
Vindication! After some decent calls over the past couple weeks (Top, Triangle break) we've finally managed to action one and make some money. Pair has made a dramatic turn lower from below former support/M/Triple Top conf. line and looks set to continue lower. Initial support is 1.0547 followed by 1.0519 and 1.0460. Alternatively, a reversal back above former...
Pair caught us off guard (once again - joys of trading/working part time!) and broke out of the ST channel correcting up to former support/M/Triple top conf level. Not Ideal but we have shorted at market with a stop above there targeting below parity. Will likely add to a break south.