break of head and shoulder formation( 2 hr time frame) points towards a sell opportunity. On the weekly time frame it shows clear rejection of the top. On the DXY(weekly time frame) clearly shows rejection candles to the bottom having long wicks rejections/.
The weekly candles formed long rejection wicks to the bottom while on the 2hr timeframe shows an INVERSE HEAD AND SHOULDERS also indicating a push to the upside. looks like a mirror image to the EURUSD
USDCAD has been dropping for a long time, it reached the previous resistance on the (weekly time frame) has formed a double bottom forcing it to break from the falling Trend line. Waiting for a retest on the previous resistance/support to jump in for longs.
It has formed an inverted inverse Head and Shoulders on the (4 hr and 1 hr time frame). might see a small bearish movement to the rising trend line which is where it will act as a RETEST before it finally rallies to the top. This will give the dollar some strength to push higher in USD pairs.
The EUR failed to break the highs (4 hr time frame). Wicked for a couple of hours at the top before it finally dropped. Broke the uptrend that was supported by the up trending trend line ,went back up retested the trend line and failed to break. Waiting to jump in for shorts around the yellow box that is the golden zone on the Fibonacci( 50-61.8) which acted as...
it is currently forming a bear flag on the 1 hr time frame and a head and shoulders was formed on the 1 min time frame. looking for a good retest position to jump in for shorts
It formed an inverse Head and shoulders(daily time frame) forcing it to break the resistance(weekly upper trend line). this is evident as it formed the opposite on the USDCAD analysis i did. High probability of longs to resistance (yellow zone drawn on the chart). on the 1hr time frame it is touching the rising trendline which also turns out as support. Many...