weekly chart is showing usdcad in a bullish flag pattern.
daily chart shows that usdcad entered an ascending channel which broke out and retested the trendline.
however enter at your own risk as NFP is due on a Friday so anything can happen.
Something like this, can you see I have a stop below the antipcated potential RT of the Lows (the "Potential" harmonic pattern outlined in previous post). If price breaches below that level with a close and bearish strcuturee then the long setup will have to be re-evaluated if the bias is still there. (See related Posts below)
With the Aussie rate cut out of the way and having very limited impact on the market given how well flagged it had been the setup on Euro versus Aussie Dollar is looking interesting. The pair are trading close to oversold levels on multiple metrics and at decent support level as highlighted on our trading view chart. There is also an up sloping...
Trading within a Bullish Channel formation.
Bespoke support is located at 12330.
Positive overnight flows lead to an expectation of a firm open this morning.
Further upside is expected although we prefer to buy into dips close to the 12330 level.
We look to Buy at 12330
Target 1: 12570
Target 2: 12700
OBSERVATION: After completing a double bottom formation the trend reversed into a bullish trend. 1,13315 was the first resistance zone where it retraced to the 61.8 fib zone the back up to break it on the 21/06, this zone i being retested and is looking to be new support. We are seeing ranging between 1.13476 and1.13940.
I explore price action in trends from 1H into 8H time frames. At this time probability appears to be greater for the north. Note that for any probability in one direction, there is a residual probability for the south.
Disclaimer: This post is labelled 'long' only because the greater probability is perceived to be for the north on the 8H time frame. This is not...
See the Related idea for video analyis on the setup.
FX:AUDJPY , OANDA:AUDJPY , FOREXCOM:AUDJPY , SAXO:AUDJPY
AUDJPY is potentially setting up for a corrective move higher over the short to medium term.
Weekly: The price has fallen to a significant 61.8% Fibonacci support level . This has held on several occasions dating back to 2009, below here there have...