It can be seen that OIL is rising towards the upper trendline and key psychological price of 60.00..
Oil and USDCAD have an inverse relationship (gold goes up, USDCAD goes down (as CAD strengthens due to Oil rising)..
OIL resitance at 58.00, this price will be monitored closely, if a close above this level on 4hr or daily, a short trade on USDCAD will be taken...
M on 1hr, 4hr.. key level of 1309-1310 being rejected...
GOLD correlates to both AUDUSD & USDCHF..
GOLD goes down (USDCHF goes up, AUDUSD also goes down)..
USDCHF key level of 1.00400 being rejected.. XAU & DXY CONF, W on 15m
AUDUSD price rejected key resistance level.. XAU & DXY CONF
Key support at price level of 1.335..
Depending on how this key level holds, a push up to the upper trendline before a sell-off where I will be looking to take a short trade.
If no bullish momentum towards the upside can be spotted, then a short trade towards lower trendline is a possibility along with other confluences.
Other confluences to keep an eye on: DXY, OIL.
EURUSD possible long towards top trendline and close to 1.14 psychological price region.
But this depends on the key price level of 1.13 which has previously been a key support/resistance level.
Scenario 1: on shorter time frames (15m, 1hr) bullish momentum to break through 1.13 resistance level. If this can be seen along with other confluences (DXY, W's) then...
On the 4hr and daily, it can be seen that a bear flag is being formed.
It is possible the market will make one more push to the upside forming a Higher - High before price reverses.
Price is currently sitting on support at 111.300, I will monitor closely how price reacts to this level.
If any bullish momentum on the smaller timeframes is spotted (1hr, 15m) I...