Last week price closed just below our 147.5 level but Sunday open we saw a gap up and the price push back and close above 147.5, Is this our new Daily HL? We can see if we look left that price has failed to break above this level for multiple months, we have now seen price make a clean break and now we are testing this area as support. As long as we can stay above 147.5 I believe we will be seeing a new high formed.
This will be my first trade that I will attempt to hold for a longer period of time. From my Analysis below you can see that price has completed D1 fib target and I now believe we will head to complete D2 which also aligns nicely with our key level 155. We have tested our 8EMA on the weekly time frame and are using it as a dynamic area of support supporting our long confluence.
I will have 3 targets with this trade first target will be our monthly level 150 next being 152.5 and then finally our 155 d2 level
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.
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.
GJ is way too beautiful. So we have seen price complete making a new high, FIB extension target 1 and test of weekly mid-range, we have seen price form daily bearish engulfing from key level. We are currently heading back down toward 1.50 where we can wait for a bounce or break. Being patient for once with this one, let’s see what we get. I am expecting the price to break back below 1.50 back down towards weekly midrange.
Introducing the newest member to the average traders family. Decided to implement another pair, hopefully, this can give me more opportunities of high probability set-ups instead of me being impatient and trying to catch every move on 1-2 pairs. So here we are, All levels have been placed and will be seeing if any adjustments need to be made but backtesting this they seem pretty solid and the price is respecting levels nicely we😃 will see.
So let’s get down to today’s opportunities and the setups. TOP down analysis, always have a look at HTF to see the overall picture of the trend and the long-term direction. AUDNZD monthly TF is pretty messy but what we can see is last months candle closure was a very strong candle closing above key monthly level also breaking above previous high to form new high. Monthly moving average cross. Scaling down to the weekly TF we can see MA’s are also crossed to the upside.
We have seen price break below 1.10 found support at 1.085 where price has now pulled back towards to make LH, am expecting the price to fall to weekly mid-range before looking to go long.
I’ve actually taken a short for this pair. H2 engulfing candle formation, then i’ve scaled down to H1 and seen a Shooting star MA breaker
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We have seen a weekly candle closure above 8EMA also strong bullish engulfing candle from 1.45. Daily MA’s have crossed to the upside, the price is currently trading between daily support and weekly mid-range 1.475. H4 this morning is telling me we could see a revisit of our daily support area. For me this pair is bullish and i am only looking to go long. Entry setup scenarios will be :
- Clean break above 1.475, wait for a PB then entry on continuation pattern
- We can wait for price reversal around daily support areas 1.466 and 1.4588
BE AWARE for high impact news at 14:00 gmt, Draghi speech we could see some volatility.
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