I will be buying USDCAD at 1.3125. There is a 38.2 retracement as shown by the red arrow, a 61.8 fib retracement as shown by the blue arrow, and a 1.414 extension of a potential ABCD pattern shown by the pink arrow, that all line up at the same level. Plus this level is also a significant S&R level.
EURUSD is in bulish trend from March starting and we had decent pullback last week. We have marked our entry zone, where we do have Fibonacci Confluence also. Exactly in our marked territory ABCD pattern gets complete which increases chances for EURUSD to move up after reaching this zone. Happy Weekend ! Happy Trading !!
Look out for weak Price action as well as a retracement on low volume.
While waiting for an entry for the counter trend opportunity, market presents a potential trend opportunity on USDCAD We have a potential Cypher Pattern - it is nice way to enter long and retesting the high with stop below previous major structure level. If price doesn't fall, I'll be looking for the counter play - we have a fib cluster right in our potential...
USDJPY has formed a bullish engulfing candle on the 1HR chart, indicating possible upcoming bullish movement. The candle is supported by a strong 12-month-long trendline that price has respected 3 times previously dating back to January, 2015. At the PRZ, a bullish pinbar has formed on the daily chart. The wick falls on a series of fib levels from structure...
EURUSD is nearing the completion of a highly confluent bearish PRZ. The projections and retracements of two harmonic patterns coincide in a tight area of resistance which falls in a broad area of S/R. Entry is placed at .786CD with SL at 1.13XA and target at .382CD. Confluence in the PRZ: Bearish Cypher 1.618BC Projection (Cypher) 2.272AB=CD (Cypher) ...
AUDCAD is nearing the PRZ of two bearish harmonic patterns. The PRZ is confluent with resistance from a Fibonacci cluster (.618 and .786) formed by two structure highs and lows. To add to the bearish bias, there is a missed monthly pivot below price which coincides with .618CD. Entry is placed at the center of the PRZ with SL at 1.13XA (bat) and targets at the...