Dollar Index DXY is sitting on critical support, a break below 91.00 opens the door to 88.50 which is a confluence of:
1) 61.8 fib of the from 78.97 to 103.57 = 88.50
2) it is also the 1.272 fib retracement from 91.98 to 103.57
3) 88.50 area has also acted as previous resistance on 2 occasions and is the break out point
EURUSD shows a hanging man on weekly, this in itself is not a sign that Euro will fall, but it is a sign that bulls have definitively lost control, I will be looking for confirmation early this week.
I am short Euro from 1.1420 with stops at 1.450
AUDNZD has been relatively bullish and AUD/NZD has been beaten down
Going long here because there are a confluence of 4 factors as follows:
1) Stalling at 78.6 Fib
2) Oversold on 1hr, 4hr and daily time frames
3) Trend Line support (trend line from Sep 2016)
4) Also 1.0470 area has held ad horizontal sup
Normally I would like to see a price ...
Confluence of 1) horizontal support 2) 33.2 fib acting as resistance at 83.750 and nice daily bearish candle building up
Good risk reward. Short at 83.55 giving it 30pips
A close above 83.75 indicates going higher possibly 84.50 where there is a confluence of horizontal resistance and 50.0 fib.
Head & Shoulders seem to be building on USD CAD with the left and right shoulder at 1.3650 and the head at 1.3800. The neckline is at the 38.2 fib i.e. 1.3575 and the target is distance between the neckline and bottom which is also a confluence with the 61.8 fib at 1.3440
I am not in this trade but any retrace to 1.3600 will be an opportunity for me to enter a ...
Confluence of three resistance: 0.8600 is 200 DMA, trend line resistance, and 61.8fib these 3 can act as resistance
If it breaks this resistance, then in breakout territory and inverse Head & Shoulder comes into place and takes this up to 0.8800.
EURUSD bounced off 38.2 fib @ 1.0845, confluence with Horizontal support and 200 day moving average. Went Long at 1.0870 adding on pullback to 1.0890 area. Initial resistant at 1.0952 which is 6.8 fib of 1.0255/1.0840 or at 1.0980 (78.6 fib).
EURUSD bounced off 38.2 fib @ 1.0845, confluence with Horizontal support. Went Long at 1.0870 adding on pullback to 1.0890 area. Initial resistant at 1.0952 which is 6.8 fib of 1.0255/1.0840 or at 1.0980 (78.6 fib).