USDCAD is approaching its support at 1.3222 (100% Fibonacci extension, 50% Fibonacci retracement) where it could potentially bounce to its resistance at 1.3445 (50% Fibonacci retracement).
Stochastic (34, 5, 3) is approaching its support at 3.3% where a corresponding bounce could occur.
Reason for the trading strategy (technically):
AUDJPY is approaching its resistance at 78.79 (61.8% & 23.6%Fibonacci retracement, horizontal pullback resistance) where it may reverse down to its support at 75.82 (38.2% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 98% where a corresponding reversal may occur.
SDJPY is approaching its resistance at 109.74 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback resistance) where it may reverse down to its support at 107.84 (38.2% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal may occur.
EURGBP is approaching its support at 0.8926 (61.8% & 50% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 0.9008 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 6.4% where a corresponding bounce could occur.
EURUSD is approaching its resistance at 1.1423 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, Horizontal overlap resistance) where it may reverse down to its support at 1.1350 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 93% where a corresponding reversal may occur.
AUDCAD is approaching its resistance at 0.9432 (50% Fibonacci retracement, horizontal overlap resistance) where it may reverse down to its support at 0.9433 (50% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal may occur.
NZDUSD is approaching its resistance at 0.6780 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where it may reverse down to its support at 0.6707 (38.2% Fibonacci retracement, horizontal pullback support).
Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reversal may occur.
AUDUSD is approaching its resistance at 0.7150 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal pullback resistance) where it may reverse down to its support at 0.6997 (38.2% Fibonacci retracement).
Stochastic (89, 5, 3) is approaching its resistance at 99% where a corresponding reversal may occur.
Weekly perspective:
Cable firmly entered the parapets of demand at 1.2365-1.2615 in the opening stages of the year, challenging the lower borders of the area before finding willing buyers and pushing higher. Assuming buyers remain defensive, a run towards supply painted at 1.3472-1.3204 may be in store over the coming weeks.
Daily perspective:
In conjunction...
Weekly perspective:
Try as it might, the EUR/USD failed to muster sufficient strength to overthrow merging resistance at 1.1465 and trend line resistance (extended from the high 1.2476) in the opening week of 2019, consequently chalking up a bearish engulfing formation. Further selling from this point has demand at 1.1119-1.1212 to target this week, whereas a...
XAGUSD is approaching its resistance at 16.03 (100% Fibonacci extension, 61.8% Fibonacci retracement, Horizontal swing high resistance) where it could potentially reverse to its support at 15.25 (38.2% Fibonacci retracement , horizontal pullback support).
Stochastic (21, 5, 3) is approaching its resistance at 98% where a corresponding reversal could occur.
USDCAD bounced nicely off its support at 1.3470 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing low support, channel support) where it could potentially bounce to its resistance at 1.3562 (50% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is bounced off its support at 1.9% where a corresponding rise could occur.
CADJPY reversed off its resistance at 80.67 (100% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance) where it could potentially drop further to its support at 78.30 (horizontal swing low support).
Stochastic (21, 5, 3) reversed off near its resistance at 94% where a corresponding drop could occur.
CADCHF reversed off its resistance at 0.7353 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it could potentially drop further to its support at 0.7276 (61.8% Fibonacci retracement, horizontal swing low support).
Stochastic (89, 5, 3) reversed off its resistance at 97% where a corresponding drop could occur.
NZDUSD is approaching its support at 0.6575 61.8% Fibonacci extension, 76.4% Fibonacci retracement, Horizontal pullback support) where it could potentially bounce to its resistance at 0.6727 (38.2% Fibonacci retracement, horizontal overlap resistance).
Stochastic (34, 5, 3) is approaching its support at 5.4% where a corresponding bounce could occur.
XAUUSD is testing its resistance at 15.59 (50% & 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 14.96 (38.2% Fibonacci retracement, horizontal swing low support) may occur.
Stochastic (55, 5, 3) has reversed off its resistance at 98% where a corresponding drop may occur.
EURCAD is approaching its support at 1.5299 (61.8% Fibonacci extension, 61.8% & 38.2% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 1.5464 (50% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its support at 1.2% where a corresponding bounce could occur.
XAUUSD is testing its resistance at 1287.98 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it may reverse to its support at 1256.55 (38.2% Fibonacci retracement).
Stochastic (55, 5, 3) has reversed off its resistance at 95% where a corresponding drop may occur.
