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Back in November we had an upthrust breakout above the current upward channel, but it proved to be a false breakout and now we're trading back within the channel boundaries. This false breakout is only telling us that at one point we had some eager buyers who for whatever reason wanted to be in this bullish move and usually that's how a trend move starts. And even thought we retraced back inside the channel that's a good sign as we don't want the market to move in a straight line as those usuall…
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Trade Pattern Idea:USD/CAD Resuming the Uptrend (part 2
Recently I've made this prediction in the Technical Contest which I want to share it here as well, you can find that post here: USD/CAD Resuming the Uptrend (part 2 )
Last year I've posted my prediction in the Technical Analysis contest about USD/CAD, and at that time I said that USD/CAD is on the verge for a big upside movement. You can check out my prediction here: …
Last year I've posted my prediction in the Technical Analysis contest about USD/CAD, and at that time I said that USD/CAD is on the verge for a big upside movement. You can check out my prediction here: …
AUD/NZD Trade pattern idea
AUD/NZD is approaching a multi decade support level at 1.0400 which I think will provide some good trading opportunities. In Figure 1 you can see the monthly chart and the strong sell of from the past few months. Since Aprill 2013 after we broke the psychological level of 1.2100 big round number the downward momentum accelerate and we barely see any kind of retracement.
On the Daily chart we can see much more closer the recent price a…
- Figure 1. AUD/NZD Monthly chart, Multi Decade Support level.
On the Daily chart we can see much more closer the recent price a…
USDCAD Up trend entering in correction mode
The current USDCAD up trend has already entered in correction mode and we are expecting further consolidation before any big move to happen. The up drift from the last year low 0.9630 to 1.0610 high, has took shape of and 5 wedge rally within an upward channel. From the first picture we can see how each wave was constituted of 3 wave of minor degree which can be used as a map for future price action.
So, keeping that in consideration we can assume that for now we're going to retrace, as the w…
So, keeping that in consideration we can assume that for now we're going to retrace, as the w…