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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.
Short
by Timonrosso
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.
Short
by Timonrosso
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.
Short
by Timonrosso
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.
Long
by Timonrosso
1
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.
Long
by Timonrosso