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Breakandretest

Buy Opportunity on CADCHFOn CadChf, we could be seeing a buy opportunity presenting itself. Price is channeling throughout a bearish channel that seems pretty clearly identified. We've had bullish rejection off of the bottom of the channel and cracked through a Significant Daily Level. This could be identifying some sign of strength for the near future. I'll be waiting for a strong bullish H4 candle closure to occur around this level before identifying if this pair has upside potential. If we could have a strong bullish candle closure, I'll most likely go long with my targets extending to the top of the channel.
Long
by CapitalHillFX
Potential Buy Setup on AUDJPYWe have a similar buy setup on AudJpy like the one we did on AudUsd. Price has a long-term bullish sentiment, but is currently retracing back to a Significant Weekly Level before possibly finding support to drive price back towards the upside for a bullish continuation. If we have a break and retest of the current Daily Resistance Level, I'll be waiting for price to show bullish rejection before looking to place any buy orders. Just waiting for the buyers to show themselves.
Long
by CapitalHillFX
Possible Buy Opportunity on AUDUSDOn AudUsd, I believe the long-term bullish momentum could be present around this Significant Weekly Level that we're currently ranging around. Price has failed multiple times to create lower lows and establish more downtrend structure past this Significant Level. I'll be waiting to identify if/when price manages to break and retest the Significant Level that is acting as resistance for the time being. If we're able to break and retest this level, I'll wait for some bullish rejection before placing buy orders.
Long
by CapitalHillFX
CADJPY Sell Setup Onto CadJpy, we could be seeing a classic Head & Shoulders reversal pattern forming. In the past, price was creating clear uptrend structure until the momentum was halted by the Weekly Resistance Level. Ever since then, we've been establishing solid downtrend structure that may look to continue in the future. For now, price is floating around a Daily Resistance Level that looks to be well respected. If we could experience a strong bearish candle closure away from this level, it would signal me to go short. Just waiting for the right time.
Short
by CapitalHillFX
Possible Buy Opportunity on CHFJPYLooking at ChfJpy, we may have a buy opportunity setting up. Starting on the daily timeframe, price has shown us bullish rejection near 3 times off of the Daily Significant Level. The recent rejection was able to create a bullish rally that closed above the recent Non-Horizontal Resistance Level. This could identify a potential buy bias in the near future. When scoping into the H4 timeframe, price has cracked above the recent H4 Significant Level and is currently bouncing at the other Daily Significant Level. I'll be waiting for a retracement back to this pivot point which encompasses the horizontal & non-horizontal levels before looking for bullish rejection.
Long
by CapitalHillFX
Possible Buy Setup on CADCHFOnto CadChf, price has recently presented strong bullish rejection away from the Non-Horizontal Support Level. This could be identifying some potential bullish momentum in the future. We also, have the break of a recent downtrend channel, which is also another bullish bias. For now, I'm just waiting to catch a logical entry rather than chasing the wave. If price could manage to retrace back to the Significant Daily Level (.72750), then I'll be looking for a strong bullish H1 or H4 candle closure before looking for longs on this one. Patience.
Long
by CapitalHillFX
Potential Buy Opportunity on AUDNZDThe setup I called on AudNzd is beginning to play out. Initially, when price rejected from the weekly support level, it popped above the minor swing level and failed to find support for a bullish rally and completely violated the zone. Now, we've rejected off of the weekly support level once again, and popped above this minor level to try and find support. I have a hunch that sooner or later, we will find enough buyers to drive price towards the significant daily level. I'll be waiting to see how the hourly candle closes before determining if I'm comfortable placing a buy order or not. Just patience for now.
Long
by CapitalHillFX
GOLD?! What's going on! A repeat of June 2020?!Im getting a familiar feeling with Gold at the moment, something similar to how I felt in June 2020 before we had a 23%+ rally in Gold prices. Now, we all know that Gold loves a break and retest of structure to flush out weak hands and keep people guessing. But if we really isolate the price action from March '21 to now we can see some textbook chart patterns being formed. Firstly, An easily identifiable double bottom - followed by a surge in price as expected. We have then continued to create higher highs along the way and rallied almost 15%. As expected, when you see large moves like this it is natural to see corrections and retracements and we've almost had a picture perfect retracement to the Golden Area (61.8 fib retracement). This now brings us to June and for almost the whole month after the -8.69% move, we have been trading sideways and we can see for the month of June that, from a COT perspective large Institutions have been adding long positions. As anticipated on the 2nd of July price broke out of the range and comfortably blew back above $1800. On the left hand side, we can see June 2020 price action and how textbook the break and retests were (with hindsight of-course). But I am anticipating that we see something very similar... I expect a brief break back below $1800 before Gold catapults again. Fundamentally, we know that there are yet again further Covid-19 concerns. The FED are sticking with their transitory stance and from a COT perspective the big players are buying Gold again. Our favourite indicators are also cut for longs so we have our price alerts set ready for optimal entries and we move on to our other pairs! If you have any questions please feel free to comment. - Nick
OANDA:XAUUSDLong
by IroncladFX
Buy Opportunity on USDCADEven though I just got out of a trade last night with UsdCad, it appears another trading opportunity may be setting up. Price is heavily retracing back to the weekly support/resistance level and daily non-horizontal support level. The previous uptrend structure that price has created, along with the couple of confluences leads me to believe that we may have a bullish rally around this level of interest. Just patiently waiting on the sidelines until then.
Long
by CapitalHillFX