CLF was in a long term strong bear channel that broke out to the upside on a climax in late July and is now in the process of pulling back to retest the trendline.
The test will come at around 14.50. A couple of trendlines support that price and the bear channel will fall right into it.
There is such strong selling that I think the best the bulls will get after...
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....
Potential bearish Gartley completing at 50% retracement of the last big swing low.
Gartley completion also would perfectly retest a previous broken channel to the downside.
T1 at most recent structure level
T2 at lows of Gartley pattern
USDCAD is Retesting the structure resistance level on daily chart. Potential trend continuation expected as price action retest the structure and then go lower. The idea is to go short for trend continuation trade with stops above the resistance levels. Targets can be Fib 38.2 and 61.8 of the rally. Aggressive traders can stay in trade with trailing stops as the...
There is a strong probability for a retest after MACD shows 2x Minor or 1x Major Bullish Divergence.
Im looking forward for reaching the red horizontal resisance lines.
There is a high probability that weakness will continue on the AUDNZD. Also comparing to other pairs AUD is weak and NZD is strong which gives a perfect short combination.
The 0.8505 level has acted as previous resistance and support oftem. I'm Risking 30 pips on this trade for a gain of 80 at 0.84275 where I will close half my position. The rest will be held out for a much larger gain in the long term.
The setup is to short a re-test of the 4/15-5/15 line from below, which is also a former low (4/23 high). The stop is above the breakdown day and I’ll target half where the drop would consist of 2 equal legs from the top.
broke out and now its doing a retest of the previous support level. Scaling into current buying pressure and have a SL about 30 pips from the neckline.
