Here is your update to the loonie in line with the general technical tone. Trade safe.Originally Posted by ;
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Here is your update to the loonie in line with the general technical tone. Trade safe.
I am bullish about the USDCAD by my weekly technical analysis. And so, I will be considering trading the pair northwards if it retraces somewhere around the monthly pivot.
I may be wrong. Trade safe.
See attached.
But what traders make of the market and how they respond to it will rely largely on their trading styles, trading egies, trading techniques and trading plogy. What do you believe? Trade safe.
Imho, learning how to read the market - in regard to market structure, order flow context and price action - is essential to trapping and tracking the market. Trade safe.
NZDUSD 4Hrly time frame outlook
Short-term outlook is bearish
A retracement to some first level upwards is preferable for inputting a bearish trade.
I may be wrong. Trade safe.
I have just finished the weekly scanning and analysis of those pairs on my watch list. Based on my scanning and analysis process, the three pairs appear feasible for me to exchange throughout the week: AUDUSD, USDCAD and NZDUSD. Nevertheless, there is need to wait for additional price action regarding NZDUSD, and that is - representing my view on the pair.
NZDUSD: The pair is rated 'B ' complete on my machine. The pair has been since July 2014 if it moved upwards in an channel. However, the station hasn't broken the down fashion market arrangement. Considering that the week beginning the pair has proceeded upwards to half-way of the station, controlling and restricting price action to that region. In that area, price has admired an ascending trend line and has analyzed the trendline of the main weekly station without breaching it. The price action on the time frame has shown a disposition to the upside but there is a great amount of bear pressure as the candles formed have long wicks on their ends. Therefore, any rejection of the internal trendline within the main weekly station is very likely to see price test the lower trendline of the main weekly station or at the weekly support amount around 0.72374 -- 0.71398 giving the fact the high of the bull candle formed last week analyzed the weekly resistance zone around 0.73763 -- 0.74896 but had been pushed down from the bears to form a pin bar with a long upper wick. The technicals on the daily time period point significantly to a southward mode. The market structure is not yet broken, in reality the swing created since July 11, 2014 that retraced upwards has held within the 50 Fib level. From this level price action on the daily time period surged southwards using a strongly bearish tone. If the market structure is to hold, there is probably going to be a role flip to the downside. This is a scenario that makes this pair rate B in my system as the weekly and daily technicals are not though the market arrangement agrees on additional southwards market play. On the 4-hourly period period, which will be my time period that was setup, all technicals are synced for a southward driveway of the pair. The order flow circumstance is affected by the bears after the price rejected the instant resistance with the price wave down on September 8, 2016. Price is currently in the instant support level on the 4-hourly time period along with a rejection of the amount to the south is very likely to target the next support level around 0.72374 that is in confluence with the monthly pivot. Since the daily and 4-hourly technicals are in sync for a southward manner, a commerce southward for a little profit and without lingering in the market is feasible.
I Might Be wrong.Trade secure
See connected.
The technicals tip to additional northward move on the GBPUSD. There is a much likely move to retest the resistance zone made on July 15. Trade safe.
See attached.
Upon the completion of my weekly analysis, my decision would be to wait for further price action on cable. Inside my system, the market is in a corrective mood to the downside and there is likelihood of a bounce into the upside down from around 1.32400. Trade safe.
You may look for opportunities to have a ride southwards, if you're considering trading EURUSD this week. The technicals are in tow. I may be incorrect. Trade safe.
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