USDCAD has approached a 'Supply Zone' the 2hr Counter-Trend line has been broken just waiting for this retest to finish and a solid rejection before going short.
-Initial Targets will be the Demand Zone. Next Targets will be the Daily/Weekly Uptrend.
-If confirmations are met and reversal patterns do form on the Demand Zone I will look to go Long.
Second Entry for me on this pair. We had multiple rejections from the upside from this pair on a daily frame. Confirmation on entry is a a three pin formation followed by a Daily closure of a shooting star Marabozu candlestick.
Anticipating Ping-Pong between 4Hr support and the Daily established supply zone prior to a drop.
TP 1 at 4Hr Support
TP2 at 0.87 (Last consolidation zone)
TP3 at Daily support
Lets see what happens...
Looking at the 4hr time frame this pair is at major Supply Area. It has failed to break through 111.950 on multiple occasions. It has come back to test this zone and once again it has failed to break and we can see a nice opportunity to go Short.
Still have my short running from the previous gold trade I posted. However, Gold is starting to make it's way to my final target where we could look to go long. Wait for a reversal pattern to form before doing so.
EURJPY has shown real buying momentum since the 10th of April. Resistance at the 126.500 may cap the bullish buying momentum if JPY trade balance data proves to be good. Forecasts expect to beat previous trade balance which may favour the JPY, However, the EUR may continue up for a little longer if 126.900 is reached. The best option is to wait for a SELL...