Buck
USDCAD Bear In ActionBear are ruling the market on this major pair and knowing the fact how well aussie and kiwi buddy of loonie in AUDUSD | NZDUSD performing lately against buck I reckon this two buddies are together counter striking buck viciously. No positive sign for DXY yet and seems total stagnate talking about the price action for that index and the fact how pound and euro kicking butt of buck too I assume at this point we should not consider a strong king ( buck ).
my former bnb chart's about to hit ih&s target & trigger a c&h!We can see the former inverted head and shoulder breakout target I had charted on bnb awhile back is getting closer and closer to its breakout target...it had a retracement before reaching that target however which just so happened to retrace at just the right time to create a perfect cup and has now broken up from a small handle retrace at just the right time...should it reach the inverted head and shoulder target it will also simultaneously break above the rimline of its new cup and handle pattern. Typically priceaction retraces shortly after reaching price target projections so it will be important to make sure after the inverted head and shoulder target is reached that price action doesn't suddenly creep back under the rimline and pull a fakeout...should it trigger the cup and handle breakout as well though we could actually double its price from here which would be phenomenal as it is already at an All Time High I believe. Best to wait for confirmation and not allow yourself to get faked out.
AUD/USD tested the upper boundaryUpside momentum continues to push the Aussie even higher against the US Dollar. By the early hours of Thursday’s trading session, the AUD/USD pair tested the upper a boundary of a dominant channel.
After reaching the 50.00% Fibonacci retracement level, the currency pair made a U-turn to re-test the weekly R1 at 0.7927. This retracement can be measured by connecting the January high at 0.8134 and the February low at 0.7761.
The bearish sentiment might be in play for the following trading session, however, the decline might be stopped by the 55– hour simple moving average.
USD/CAD remain relatively calmThe USD/CAD pair made some miraculous movement upside after the US data release on Wednesday. However, the surge was unable to hold due to the weakness of the US Dollar.
After hitting the 50.00% Fibonacci retracement level, the exchange rate has been gradually moving upwards, although this movement might be strengthened by the monthly PP at 1.2496. This retracement can be measured with the low at 1.2254 and the high at 1.2689.
Everything being equal, the currency pair could remain relatively calm during the following trading session.
USD/THB 4H Chart: Breakout form triangle USD/THB 4H Chart: Breakout form triangle
The American Dollar was trading against the Thai Baht in a two-week long symmetrical triangle. In result of the previous trading session the currency rate made a breakout to the bottom. The bearish movement is not evident yet. Nevertheless, the slipping 55- and 100-period SMAs together with the weekly PP suggest that sudden surge is unlikely.
However, in larger perspective the soar is expected to continue, as in the end of November the pair made a rebound from the lower trend-line of a four-month long descending channel. An upcoming decision on the US interest rate hike as well as growing economy also point out in favour of further appreciation of the buck.
To certain extent, market sentiment confirms this assumption, as 72% of traders are bullish on pair. However, such common view might be also a signal of the upcoming turnaround.
USDCAD Triangle ShortI have had a few posts in the recent past, looking for the long side of USDCAD to formulate out of this triangle. As I mentioned in my last post, the larger time frame and pattern will eventually rule over the shorter one. Luckily, I haven't lost too much on the long side of this pair.
I'm going to look into this set up:
Pattern: 20 wk triangle
Trade: Short
Units: 26k
Basis Point Risk: 50 basis points (for now)
Entry: 1.2850 (upon close)
SL: TBD, but will use Last Day Rule
TP: 1.2029
I am fully aware of the monthly support from 1.26170 to 1.2452. I am also aware of the larger H&S pattern on the weekly chart of this pair as well, if we get PA to the downside.
Let me know what you guys think and if you're waiting for something else.