Well i tried drawing the elliot waves....and it seems it's a complex correction structure forming :).....Known as Inverted head & shoulder :). But We need a close above the inside bar candle that' currently not showing clearance to upside yet....So, I would wait for it to close above 1.2640 first. Than will try to buy it. Hint for USD/CAD==Crude Oil price...
Strategy: USD/CAD Long Yes it did. Oil is slowly selling off and reversing its recent bullish trend. The 5-6 high of 62.58 has since receded to below $60 and is slowly turning lower. The concern that low prices would knock out shale producers has been proven untrue and the glut of oil that has prices significantly lower than just a few years ago will continue....
In H1 TF I found a nice Acending Triangle Pattern, if break this triangle, I think this pair may be go to 1.30 level which is very strong resistance. And this pair is also in uptrend mode. We looking for Long position after break this above resistance line of triangle or after retrece from this resistance line. And put stop loss near swing low point of this pair....
BUY ZONE CHANGED TO SELL ZONE (excuse my mistake) Great trading week, I hope everyone did alright with the USD news that hit on Friday. After the news had settled down, it set up a nice Gartley Pattern on the USD/CAD chart on the 4 hour period. As always, keeping an eye on our previous structure levels at 1.27777 - 1.23773 highlighted in black and about to...
1.2665 is a very good resistance for usd/cad pair. And here also possible to complete bearish Gartley Butterlfy D point. Where I think this pair may going to down from this D level. So, I think we can take short position from 1.2665 level with 35-50 pips stop loss and our take profit target is 1.2565 level. If this pair did not respect this D level and break...
Inside bar on 16th, confluence with ascending trend line and 20 EMA. Showing rejection from these levels. Aproaching descending trend line. which may show resistance. I am anticipating a push north past previous high from Jan 15, however, I will remain neutral at this point and wait for a break in either direction.
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...
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...