Gold move range higher read the caption Tomorrow, we have the US CPI report and that could be a catalyst for either a rally or a selloff. If we get an upside surprise in the data, then we will likely see new lows in gold. Conversely, a very soft report might trigger another rally and take us to a new all-time high
Forextrade
AUD/CAD Sell Setup Active - Trendline Break / MA Crossover 1HRI am in a beautiful sell position on AUD/CAD.
As we can see from the chart a quite significant trendline has been broken in conjunction with the MA 50 / 20 crossing over nicely on the 1HR timeframe.
Also if you go to the daily timeframe the previous candle low has been traded through confirming potential downside.
I will be targeting the asia low that I have mapped out which would be a 2% Risk to Reward trade.
USD/JPY contrarian trade to the upsideI'm just shooting a guess here.
During consolidation downtrends, we expect the price to touch the downtrend and come down.
But the price action is seemiling quite bullish.
The last couple of candles formed have established somewhat a strong support with a potential W FOrmation...
So if the price breaks above the neckline, we could see a bit of strength for the USD.
That is not good for stocks and markets, so I hope I am wrong.
Target 152.54
EUR/AUD broken below the M Formation - Havoc to go to 1.5819M Formation has formed over the last month with the EUR/AUD.
If you saw the last trade analysis, you'll see the EUR is showing downside on all large currencies.
We've now had a breakout below the neckline of the M formation, which means there is downside to come.
21>7
Price is testing the 200MA. So only once it breaks below will it give a stronger indications of further downside to come.
Target 1 will be at 1.5819.
USD/CAD short emerging from Rev Inv C&H with target 1.2900There are many different variations of patterns showing.
And they are all leading to downside.
We have small Rounding Tops, small Inverse Cup and Handles.
We have a break in the most recent uptrend line..
But I am focusing more on the bigger picture.
There is a solid Reverse Inv Cup and Handle forming since 10 August 2023.
The price has almost completed the final Inverse Cup and is approaching the brim level.
We have other indicators confirming with 21>7 - Bearish in the short term.
We also have the price coming down to test and mighty 200MA.
Break below, and it'll give us more confirmation of downside to come.
RSI is falling below 50 like a knife, showing downside momentum.
All in all, my first target will be at 1.2900
PS: This also goes in line with the overall DOllar weakness that has helped boost the stock markets world wide and the indication of a slow down in interest rate hikes.
Great for stocks not great for the US dollar.
Text Book Cup and handle for CAD JPY- Nice buy soon!Notice I said the word SOON.
There has been a text book cup and handle formed on the CAD/JPY/
It's just about to complete the handle forming its brim (resistance).
Now only once the price breaks out, closes above and opens above the brim - will it signal a decent long.
Until then, I'm waiting.
We have other bullish signs along the way.
7>21>200
RSI >50
Target 123.20
Inv Head and Shoulders on EUR/AUD ready to spike up 1.7265Inverse Head and Shoulders is clearly forming on the daily.
We see additional indicators confirming upside.
7>21 and price is above 200MA - Bullish
RSI>50 - Momentum is up.
Target 1 will be at 1.7265
Below the Right Shoulder there is a Sell Side Liquidity Order Block.
Smart Money buys into positions (and sweeps liquidity) from traders who are long (get stopped) and for short traders who enter into their trades.
EURGBP still showing downside - with warningM Formation on a large scale has formed.
We had the price break below and then retest the pattern once again.
Thing is we haven't had the price break above the downtrend as of yet. This means, the bias does remain bearish but anything can change if the selling doesn't continue.
200>21>7 (bearish)
RSI<50 (Lower highs)
Target -0.8200
SMC
(Buy Side Liquidity is where Smart Money comes in and sells into the Order Block. However, with the price still flirting at the support means, the selling is not as a strong as anticipated.
I'm bearish but cautiously bullish if the price does break above the downtrend.
AUDCHF showing downside after Inv H&S break downInverse Head and Shoulders has formed over the last few weeks.
Already we have had a breakdown below the neckline. This tells us supply and selling is high and mighty.
We can safely put a stop loss above the handle, as if it breaks above it would enter into a new uptrend.
Other indicators confirm downside.
200>21>7
RSI>50 (Lower highs)
Target 1.5535
EURUSD Downward Channel continues target 0.8541Downward channel range continues on the Monthly Chart.
There are more signs for downside to come.
We can expect the price to blip up touch the resistance and then crash back down.
Price<200
RSI = 50
Target 0.8541
SMC
Sell Side LIquidity is where Smart Money bought up the price to the upper range.
We then have to wait for Break Of Structure to the downside.
Then we'll have a better entry point for downside.
EUR/USD Is one of the more difficult pairs to trade. There is a constant fight between the buyers and sellers and hence I have looked on a broader aspect time frame to try and cut out the noise and volatility.
Bearish Bias.
NZDCAD Inverse Cup and Handle target 0.7590Inverse Cup and Handle formed since 15 Nov 2023.
The price has broken below the brim level (but barely).
We could have a spike up to make a lower high before the big breakdown.
Then it'll be all steam ahead downside.
200>21>7 - Bearish
RSI<50 Lower highs
My first target will be 0.7590
NZDCHF to drop again after a Short Formed M FormationShort Formed M pattern has formed where the second rounding top has a lower high than the previous.
This confirms the sellers are in control.
Now that the price has broken below the neckline, means we can expect the price to make the next down leg.
A conservative entry will be for one more leg up, test and break down.
200>21>7
RSI<50
Target 1 will be at 0.52711
UPDATE CHFJPY Target hit at 160.79It was a long hold since April.
The interest expense daily, added up and the profits weren't as high as I wanted it to.
But we kept to our guns and held.
And so, target 1 hit at 160.79.
Now we can expect the price to consolidate and move into a range before the next run up, but you'll be the first to know.
TARGET CAD/JPY Reached at 106.00 - What's next?Ascending Triangle formed on CAD/JPY, price broke out and it was a slow consolidation move.
But then one week, we had strong buying and demand for the currency pair which shot it up to the Order Block.
We had other indicators confirming its upside including:
7>21
Price<200
RSI>50
The target at 106.00 hit and the price continued to move up.
I guess it's a market environment for trend and channel traders right now. And until there is a sideways consolidation, I'll wait for the next setup.
CAD/CHF strong upside to come to 0.7303 - But we need to waitInv Head and Shoulders seems to be forming on the CAD/CHF Minor Currency Pair.
There is a fight between Canada and Swiss Franc and it looks like Canada is preparing the troops for upside in the chart.
We need to wait for the higher low to form (right shoulder).
Then for the price to break above the neckline and it will be breaking above the medium term downtrend.
7>21
Price<200
RSI>50
Target 0.7303
INTERESTING FACT!
Did you know how the CAD Canadian Dollar got it's nickname - Loonie from/
No not that! lol But I know you're thinking it.
The name "loonie" originates from the bird depicted on the one-dollar coin.
The common loon, a bird that is widespread in Canada, was selected as the emblem for the coin, leading to the currency's popular nickname.
The loonie was introduced in 1987 (my brith year) as a cost-saving measure to replace the one-dollar banknote.