What can we see on GJ? We have recently seen GJ achieve weekly midrange and also FIB extension D1. We can see that GJ has been overbought and has mad an impressive bullish run with very few pauses due to rumors of an interest rate increase. For me, I am expecting a downside rollover from this pair. We can see from the weekly timeframe we are seeing exhaustion, and have also formed a 3 pin and last weeks candle being a spinning top. If we take a look at the daily timeframe we can an engulfing pattern formed at weekly midrange and price pushed back to the downside finding support again at our key monthly level 1.50. At the back end of last week, we saw another push to the upside but price failed to break daily resistance, Is this a sign of our first LH’s? We are currently resting on our 8EMA as support.
H4 time frame is pretty messy, but for me I will only look to buy this pair when we achieve a deeper PB but for now I will be monitoring for some short-term countertrend sells, for example, if we can see a break below 1.50 and retest I will be looking to sell once we have seen a bearish continuation pattern. The first target would be next daily support level.
So, Last week we saw EURCAD make a down move from our weekly midrange and find support at monthly support level 1.45 which is also an HL. We have seen a bullish candle closure on the weekly time frame which also closes above 8EMA. We can see that price respected 1.45 and then closed bullish which also nearly engulfed previous candle and closure above 8EMA. We can also see that price has failed to close below 61.8 on Daily timeframe supporting our theory for longs.
If we look closer on H4 we can see that price is now forming HL’s, and currently trading above MA. We have found resistance again at 1.4725 weekly mid-range. I am only looking to long on this pair so will be looking for buying opportunities around our daily support level and high structure supports or a break, retest continuation of weekly mid-range. I expect price to fulfill both FIB extension targets this week if we can break MIDRANGE.
If we see a gap above mid-range i will be buying this pair.
We have seen price form LH at daily resistance, next level I believe that’s going to be met is our monthly support 150. I will be looking to hold my position if we can break 150. if we manage to break my next target will be FIB D1 extension 148.4. Bearish engulfing formation on H2 plus MA breaker also we can see a potential H & S with 150 being the neckline.
TP 1: 150.050
I’ve been waiting for this setup for a while which I have just been triggered into. Looking at weekly time frame we can see the price has formed HL at monthly support level 1.45 which also aligns with our FIB level 61.8. Scaling down to our daily time frame we can see the price has reversed from this level indicating we are going to see a reversal to the upside. We have broken above MA and seen MA cross on the daily TF. I was looking for an entry at our daily support level 1.45871 as this is our preferred FIB reversal zone.
TP 1: 1.48564
TP 2: 1.49684
This is a risky one but I’ve decided to take a short position on GJ. We have seen new highs made and a failed break of our weekly mid-range. We have pushed back towards 1.50 monthly support level where we have seen price respect this level making a small PB, this morning we saw price form a bearish reversal pattern signaling we could see price now break this level. Tight stop on this one due to being above a key level of support but i do feel we will get some further downside movement.
Entry : 150.301
SL : 150.972
TP : 148.521
We have seen price break daily support level, this morning we retested that level as resistance and failed to break above, we have also got a MA rejection which aligns with my bias. My target will be FIB extension target -27.20. I believe we will see a test of 1.45887, this area is where I will be looking to go long
ENTRY : 1.46515
SL : 1.46905
TP : 1.46052
Check out my Hits & Misses page for outcome : )
As expected, we have seen price make a push below daily support where we are now seeing price test as resistance. I am expecting to see further decline down to next daily support area which is 1.45887 where I will be looking to go long. Daily support area 1.45887 also aligns with our preferred FIB reversal zone which is 61.8. We have also an MA rejection which further supports my theory of a push to the downside.