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USDCAD expecting a bounce USDCAD has been declining non-stop from 1.3450 to 1.2900 as of this writing. That's a whopping 550 pips drop without any significant correction rallies. USDCAD is due for a rally soon. If USDCAD drops to 1.2780-1.2800, it would be an excellent buying opportunity. Its a support zone, as represented by the blue zone. Its also a possible point #3 in the uptrend channel. Long USDCAD 1.2780-00 SL 1.2700 TP1 1.3000 TP2 1.3300 ===== www.ForexPositive.com Twitter @ForexPositive =====
by Forex_Positive
EURCAD forming a right shoulderFor EURCAD, a inverted head & shoulders pattern is emerging. The neckline resistance (in red rectangle) is clearly visible around 1.3740-60. If EURCAD retraces to the 50% FIB level, this would coincide with a prior support zone (in green rectangle). This support zone at 1.3390-00 is tested 2 times. Look to enter a long position if EURUCAD pull backs to this 1.3390-00 support area. Hopefully, we may be able to catch the beginning of the formation of the right shoulder too. Long EURCAD 1.3390-00 SL below 1.3350 TP1 1.3750 TP2 1.4000 ===== www.ForexPositive.com Twitter @ForexPositive =====
by Forex_Positive
AUDUSD showing confluence of technical buy signalsWhenever the chart shows a confluence (i.e. 2 or more) of technical indicators at about the same price zones, it is more likely to see a higher probability of a successful trade. For AUDUSD, i see a confluence of 2 technical buys. First, AUDUSD is trading within this green rising channel. This rising channel is a classic textbook pattern. Notice that AUDUSD very nicely touches 2 times the upper line of the rising channel. Furthermore, AUDUSD is approaching point 3 of the bottom of the rising channel. AUDUSD may do a significant bounce up from point 3. Second, there is a harmonic pattern embedded within this rising channel. Its a bullish gartley harmonic pattern. The PRZ (potential reversal zone) is at the 78.6% FIB retracement, which is about 0.7700. With these 2 technical patterns in play, i like this trade. Long AUDUSD 0.7690-0.7700 SL below 0.7650 TP 0.7900 ===== www.ForexPositive.com Twitter @ForexPositive =====
Long
by Forex_Positive
EURCAD ready to reverseEURCAD ready to reverse EURCAD has broken below the support zone of 1.4060-90. This strong support zone has held nicely since the beginning of Feb. And of most importance, there are at least 5 touches in this red rectangular zone since Feb. With 5 or more touches, a breakdown of this zone is a strong bearish technical indication. If EURCAD rallies to re-test this zone, expect it to become a strong resistance. Look to short if EURCAD retraces to the 38.2% FIB retracement at 1.4090-00. Short EURCAD 1.4090-00 SL 1.4150 TP 1.3800 ===== www.ForexPositive.com Twitter @ForexPositive =====
Short
by Forex_Positive
USDCAD 1.2000 not seen since 2009USDCAD has not seen 1.2000 since 2009. That's about 5 years ago. I think the market is keen to test this psychological number of 1.2000 soon. 1.2000 should hold and not be breached on its first attempt. Be aware of this trade though. As it is based on weekly time frame chart, its really a big big time frame. On the other hand, if this trade works out well, then the reward potential could be significant. Short USDCAD 1.1990-95 SL 1.2050 TP1 1.1900 TP2 1.1800 ===== www.ForexPositive.com Twitter @ForexPositive =====
Short
by Forex_Positive