🔹 Overview:
Price has been respecting the bullish structure since bottoming out at 103.006. We’re currently seeing a healthy series of higher highs and higher lows, with price now hovering just below the key resistance at 106.262 — a critical zone to watch for either a breakout or healthy corrective pullback.
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📍 Key Levels:
• Support: 103.836 · 104.634 · 105.018
• Resistance: 106.262 (major) · 107.141 · 108.274
• Fib Zones: 38.2%, 50%, and -27.0%, -61.8% extensions all align
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🔄 Trade Scenarios:
✅ Scenario 1: Breakout & Retest
• Price breaks above 106.262 cleanly
• Retest into 106.00–106.26 (old resistance → new support)
• Entry on bullish confirmation
• 📈 Targets:
• TP1: 107.141 (-27.0% extension)
• TP2: 108.274 (-61.8% extension)
✅ Scenario 2: Healthy Pullback
• Price pulls back before breaking 106
• Watching fib retracement zone: 104.63–105.01
• HL forms above 103.836
• Entry on bullish confirmation (liquidity sweep + BOS)
• Targets remain the same
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❌ Invalidation:
A clean break and close below 103.836 invalidates bullish structure. At that point, a revisit of 103.006 becomes likely.
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⚙️ Confluence Factors:
• Bullish market structure (confirmed HHs & HLs)
• Fib retracement respect
• JPY basket shows Yen weakness
• Momentum aligned with CAD strength
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📣 Final Thoughts:
This setup offers two clean, high-probability entries whether you prefer breakout continuation or pullback structure trades. Stay patient and trade your plan — structure is king.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.