TradingWiz88

TradingWiz88

Hello Traders, There were three test of the support at about 34260. This shows a strong support which signals a long opportunity. However the markets have been risk averse which could mean further downside. If it does show a clear break of the support, the bearish momentum may continue. Be patient and stay disciplined.

TradingWiz88

Hello Traders, The US real Gross Domestic Product (GDP) expanded at 2.4% annually, above the consensus of 1.8% giving strength to the USD. We also see USD/CAD is above the 10 and 20 EMA which do signal bullish momentum. However after a strong rally, we may see some pullback before continuation of the bullish trend. Be patient and wait for confirmation.

TradingWiz88

Hello Traders, EUR/USD has completed its Elliot wave pattern hitting the 5th wave at the resistance trendline and is start a trend reversal. After the sharp reversal there may be some pullback before the downward continuation. Be patient and wait for confirmation.

TradingWiz88

Hello Traders, There is a triple top pattern forming on the daily chart. It bounced off the support neckline of 33600 and has been trending upwards because of the improvement in risk appetite. There has been a exponential rise today which could signal a slight pullback before the continuation to the resistance at the triple top of about 34450. The US Inflation...

TradingWiz88

Hello Traders, USD/CAD is currently in a bearish channel pattern. There was a strong uptrend then a pullback to the 10 EMA signaling support to continue its bullish trend. A break below the support of 1.3260 would signal a trend reversal to bearish territory which does coincide with the technical analysis of the weekly trend. This week US will be releasing its...

TradingWiz88

Hello Traders, USD/CAD has turned bullish due to the hawkish Fed outlook. Eyes will be on the Canadian and American employment data on Friday to dictate the trend. However after the strong bullish candle today, it is in the overbought territory and may see minor pullback before continuation of the trend. Be patient and disciplined.

TradingWiz88

Hello Traders, USD/CAD has been consolidating between 1.324 and 1.328. A triple bottom pattern formed with a test at the support of 1.324 3 times. This is a good opportunity for a long position to trend up back to 1.328. From a top down analysis perspective it broke through the 10 day EMA showing a possible reversal. Set your stop loss and remember to take profits.

TradingWiz88

Hello Traders, There has been multiple tests at the support level of 1.3140. This shows the strength of the support line and has a good risk/reward ratio here for a long potential. You can wait for further restest and see if there will be a break. If there is a break the bearish trend may continue.

TradingWiz88

Hello Traders, There has been a strong pullback to the 50 EMA on the daily chart after a strong trend up. After hitting the 50 EMA it bounced back up showing strong support. After this pullback there is a huge potential for the bullish trend continuation, however it would be best to wait and see another retest for support before entering a long trade.

TradingWiz88

Hello Traders, EUR/USD is currently in a bullish channel pattern where the elliot wave theory has completed its 4th wave on the 5th wave uptrend. There was a significant rise signaling overbought territory and has seen a small pullback in the last few days. Once it finishes its pullback and shows support at the 10 EMA line, then the bullish trend should resume,...

TradingWiz88

Hello Traders, After the US paused its interest rate this week, the US dollar has dropped significantly even though the Fed signal further interest rate hikes ahead. You can see the bearish momentum is strong with a breakthrough of the support trend line. However if you look at the RSI it is entering oversold territory which may provide a pullback in the USDCAD...

TradingWiz88

Hello Traders, USD/CAD has continued its bearish trend. Today we see a bearish engulfing pattern which signals a strong bearish continuation. It has broken through the support trendline at 1.33 however it has pulled back up. The US interest rate announcement is tomorrow, therefore there will be continued volatility. It is best not to trade during this time...

TradingWiz88

Hello Traders, There is a rising parallel channel pattern that has formed on the daily charts that started back on Feb. It has completed the D wave of the Elliot Wave pattern when it hit the bottom support trend line. To complete the elliott wave pattern it will have to rise up to the resistance trendline to hit the E point. Wait for confirmation for the up trend...

TradingWiz88

Hello Traders, USD/CAD has tested the trendline support that was formed back in Nov 2022. The trendline has very strong support and this poses as a good buy opportunity. The risk/reward ratio is a good 5:1 if you place your entry at 1.3320. BoC has raised interest rate which does signal a stronger dollar, however oil prices may be dropping which counteracts the...

TradingWiz88

Hello Traders, The daily candlestick is a bearish engulfing candle signaling further downside. We can see there has been multiple test at the support of about 1.34 however sellers do seem to be in control and wait for a clean break below it and the next support should be around 1.3320 at the rising wedge trend line. BoC interest rate decision is tomorrow so there...

TradingWiz88

Hello Traders, We can see that USD/CAD has been on a downtrend and tested a minor support at 1.3400. This can be a sign of possible reversal. Look for confirmation for the reversal trending past resistance at about 1.3460 and downward trend continuation pass 1.3400 signaling a minor pullback. However there are major catalyst this week with CAD as the BOC will...

TradingWiz88

Hello Traders, There is a perfect head and shoulder pattern forming on the daily GBP/USD chart. The second shoulder has formed after hitting the should resistance level at 1.255 with a long bearish daily candle. There may be some pullback before the continuation of the downtrend to hit the neckline support line is at 1.235. Be cautious and patient before entering...

TradingWiz88

Hello Traders, The increasing oil prices, debt ceiling bill pass and dovish Japanese monetary policy there is potential 400 pips long term buy potential. The next resistance line is at 103.60 which provides a good 40 pips profit. The 10 EMA has crossed under the 20 EMA which is a bullish indication for continued bullish momentum.