Should reverse here, going short for half an hour or so. Just few candles.
Followup of my last chart. As expected, price did break the upper trendline and now it's cracking the 1.1055 resistance. In best case scenario this resistance line will become a new support, and that will be a perfect entry for climbing. If the price bounces down, it might go back to 1.1035 support and bounce back up again, which can also be an upward signal.
Notice the difference between RSI and the price. Trendline will probably break soon.
As I've noted in a previous chart, wait for the trendline to break. Ideal position to go long - at the blue bold margin. The price will probably go down a bit and then pierce the upper trendline. Else it will pierce the support. Wait for one or the other.
Wait for confirmation before going long. The price needs to 1st bounce and 2nd pierce the downtrend. Could also be a bear flag. If it breaks the support, wait for the bounce and go short.
USD/CAD has retraced a little bit over the last couple of days. On Thursday we saw the hammer followed by an up day. We are currently trading down but everything below 0860 has been sucked back up. Three consecutive days of this. With a gap down if we can cover this gap by the end of the day I think this is a strong buy signal. I'm in at 0857. Happy...
Bases: Fib. confluence with structure, Stoch RSI, Robust Trendline, momentum building, Stoch RSI14,14 2.92 on weekly chart. There was a channel, which was broken and stopped by a strong leg, but the trend is continuing, and after analyzing this chart, I think that it will form another channel. At the Level 1.06374 there is a lot of structure which is likely to...
If you're inclined to take calculated shots against what looks to be a strong longer-term move, then I've got a chart for you. USD/CAD is oversold according to the RSI on every time frame from 15m up to the Daily. There's bullish convergence here on the daily chart as well. Also, it seems the pair just broke a weak range to the bottom. I like shorting the pair...
Note: I got rid of NZD/USD and USD/CHF. NZD/USD pretty much correlates with AUD/USD while USD/CHF correlates with EUR/USD, so I figured it was redundant to analyze both pairs. ------------------------------------------------- Interesting Pairs: AUD/USD - Bearish - Price tested the broken trend line last week and bounced down - Price retested the same price...