very peculiar trading setup on USDCAD.
on 4H the market has recently touched a falling resistance of a descending triangle
and we see a row of multiple rejections.
on 1H we see a double top formation and for confirmation, we only need to wait for
a bearish violation of minor support beneath it to short the pair.
This is my update for DXY.
Dollar index has recently broken below the support line of a rising wedge.
It is a very strong signal which determines a bearish sentiment.
We can expect a rally to 97.5 level and my midterm projection is bearish.
WTI has clearly respected a key structure support level on a daily.
we see a sequence of rejection/dodji/engulfing candles and rsi divergence as well.
I have a bullish bias on WTI and currently hold a long position.
My stop is 50 level but I have entered a few days earlier.
Key levels for targets:
GBPAUD still respects the boundaries of the rising channel .
on Friday pair has reached 1.87 level.
what is interesting about this level is that
first of all, it matches perfectly with the rising resistance of the channel and
secondly, we see that in the past this level was respected by the market.
though this week was very bullish for EURUSD
I think that the market leaves clear clues that it is overbought and needs a pullback.
you can notice that on 4h chart we have a sequence of two rejection candles in conjunction with
RSI divergence and resistance of a rising channel .
For this reason, I think that...
very very peculiar sentiment on gold .
if we precisely analyze the price action from the beginning of summer,
we will notice with you that the market was trading in a sharp bullish trend
and, what is crucially important, without correction.
From September, however, the picture has started to change.
I was asked to share my thoughts on nat .gas :)
on a daily the market has reached a key level of support:
conjunction of horizontal support with a falling trendline of a broken channel and rsi divergence.
I think that buyers will push the market to higher levels.
Key levels of resistance are:
-The 1W chart shows a re-test of the support TL on this triangle pattern. This shows that there is a lot of selling pressure and bears are in control.
If you look at price in the circled area, you can see that as price increases, the retracements are strong/deep; showing that if price were to continue higher, the bears will come back and drive price back down...
potential long trade on GBPJPY .
the market is approaching a key structure support level on daily.
for a confirmation, wait for a bullish breakout of a falling channel .
Target levels will be:
EURGBP is currently trading within the rising parallel channel .
What is worth paying our attention to is recent rejection from 0.893.
It looks like sellers accumulate their selling positions around this level.
based on this observation and horizontal structure on the left I have
identified a potential...