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EURCAD Potential Buy Setup on H4EURCAD formed a promising buy setup after breaking above the falling channel and finding support at a longer-term trendline earlier. The pair now trades close to a horizontal support level. The pair fell significantly after the ECB press conference last week and bad news about the euro area may already be fully priced in. An important factor for the EURCAD pair may be future oil prices and the state of the US economy. Like our analysis? Please hit the "Like" button and join our Free Telegram channel -> t.me
Long
by MujkanovicFX
EURUSD | Downside expectedDownside movement is expected for the Euro against the US Dollar in coming weeks. 1W: On the weekly chart we saw a large head & shoulders reversal pattern form, and price has since broken below the neckline support & found sustained resistance holding below it. We've also seen a smaller ascending trend line broken to the downside with a weekly candle close showing clear rejections of higher prices. 1D: Scoping down to the daily chart gives us a clearer look at the broken ascending trend line/triangle type pattern. We can see on the daily chart a clear break & retest of this level with a bearish candle close on Friday setting us up for continued downside movement. Sells will be placed early in the week with a stop loss above the most recent high. Updates will be posted as the trade plays out.
Short
by JallenForex
CADJPY Potential Buy on H4CADJPY is trading inside an uptrend channel and has found support at a rising trendline, which forms a confluence support together with the falling daily trendline. There is also a horizontal support around 83.50. The Canadian dollar seems to start reversing its losses on higher oil, while the Japanese yen will likely be impacted by a (potential) Trump-Kim deal and expected progress in US-China talks. Join our Telegram channel for new updates on this and other trades: t.me
Long
by MujkanovicFX
AUD/CHF Potential Sell Setup on H4AUD/CHF formed an interesting SHS pattern and broke below the neckline. The right shoulder retraced at 61.8% of the previous impulse move, while the head represents the high of a price correction that retraced at 78.6% of the previous larger impulse move. The pair is trading in an overall downtrend and in the upper half of the channel, which also signals the potential for further weakness in the pair. The Australian dollar got hit hard recently on reports that a rate cut may be on the table and trade tensions that hover like a dark cloud above China. The Swissy is doing quite well on the other side, with Switzerland (non-EU state) in the process of getting a trade deal with the UK after Brexit.
Short
by MujkanovicFX
GBP/AUD Monster trade has still upside potentialGreat trade taken in CommaFX Telegram channel! We entered at 1.8139 and closed our position 252 pips in profit. Even if you've missed the initial trade, you may still have the possibility to enter long, since the pair has formed a fresh higher high and is trading at the highest rate since Jan 29. Watch out for the 2019 high around 1.8495 (close it before the round-number resistance.) The pair has been in demand after markets priced-in an assumed progress in UK-EU Brexit talks. Want to join our Telegram channel? -> t.me
Long
by MujkanovicFX