UC
SELL ZONE UC TO GO SHORT .....TP @ POINT D scalping on behalf this updrent we take some pips by selling , and closing @ 134.450
USDCAD SHORT: TechnicalUSDCAD is overstretched to the upside.
On the 4H chart, it is outside 800 period Bollinger Bands.
Furthermore, there is divergence towards the 1.34 level, suggesting momentum of the upward move is slowing.
I expect a pullback on this pair, especially as oil appreciates back to the $50 level, to 1.32.
Below 1.32, strong support should be expected at 1.30.
Risks, of course, are a hawkish FOMC statement (largely priced in) and a Trump win (not priced in).
USDCAD - Bearish potential for W-3 setupHi guys.
From the oil news, it effects to the USDCAD
For the sell setup.
A-B-C pattern and now it is the wave C (TP first meet at 100%), next is 161.8% at 1.3200
Aware: NFP tomorrow. Whatever, i will close before the news.
USD/CAD selloff into support OANDA:USDCAD UC has sold off after a nice rise in a channel. the selling was caused by a weakening in the USD and strengthening in CRUDE OIL. traders have been moaning about the lack of correlation between the rise in oil prices and UC when the USD was being ramped up prior to the FED minutes and YELLEN speech.
so if we forget about the news and look at the 30 min chart we see a hard break in the UP channel support and UC descending in a tight triangle pattern which is reaching its apex so we need to watch this price very closely for a break in the TRIANGLE.
UC RETRACE just for KICKs i due this pattern out in chat for MASH....identified the retrace target as 1.32ish in USD/CAD before a major PLUNGE so far so good
USDCAD - Not ONE lower low...I'm very interested in shorting the UC.
BUT - ther's not ONE lower low. Going short now, would be a 50/50 gamble. I like higher chances on my side ;-)
So, i wait for "something interesting" to happen.
Observe...
P!
Short Term and Long Term UCADI am expecting a pull back to 1.29511 (MT4) I will have buy orders at that point with SL under previous swing low.
If 1.29511 does not trigger wait until 1.31200 to take a buy
UCAD continues to make higher highs.
4HR UCAD is in an ascending triangle. Break above to top of uptrend channel.
Long term TP is 1.35004 (for now) (MT4) 1.35689 (TV) This is also 50% level of weekly swing high to swing low
Longer term is 1.38316 618 level of wkly swing high to swing low.
Please follow your own analysis when opening your positions.
USD CAD LongLooking at the 4h chart there is a potential setup forming to go long on UC. There is a chance it may meet resistance at the first green arrow so i will watch price action here but could travel to the second at 1.3400.
Will take this trade depending on the bullish formation of the next 4h candle. If its bearish i will eat an easter egg instead to console myself.
CANADIAN DOLLAR AT ITCanadian Dollar not bad after much chaos - let's see if the party continue till 1.31979
Follow the Yellow Brick RoadHave been waiting for a confirmation of trend reversal after rally on 21.01.2016. As supply glut continues to grow, there is no reason for a resurgence in oil prices yet.
Technically ,
1. Rising blue wedge was broken,
2. Rejection from .764 line to confirm H&S.
3. Upper Yellow line now serving as resistance for downward wedge.
End of corrective wave C on Daily TF, down one more wave series to retest lows before true reversal.
#USDCHF - SELL USDCHF! EASY TREND SIGNALS!What you can see here is a nice sell opportunity. The best is to sell when price hits the line and is bearish engulfed. Best of trading!
USDCAD TTTIt's not over yet for the UC bulls.
Fundamentally , market conditions have not changed too much despite the sell off in USD the last few weeks. Yes, data was disappointing, but in terms of U vs. C, these two items still remain:
1. Oil has yet to find a defined bottom.
2. Divergent policies banking between the USA and Canada.
Though, I do believe we maybe reaching the tail end of this uptrend, there is nothing fundamentally significant so suggest that we will not see the peaks again nor surpass it.
Technically speaking, moderate E. wave count suggests we are finishing wave 4 of a 5 wave impulsive. I was not sure how far we would fall in wave 4, but we have the following:
1. Ichimoku rejection
2. Fibo .382 rejection
3. Spinning top, RSI suggest majority of selling is complete
Certainly, we may drop further, but I believe the price will maintain its long course through this pitchfork. Should the fork break convincingly, that will be the strong bear confirm.
The ride back up will hopefully surpass peak 3. I do not believe it will hold at that price level for long, at which point begin looking for shorts.
UC GOING DOWN UC GOING DOWN
Forex market is obviously lacking direction while it waits for the U.S data points. Investors / traders are pinning some of their hopes on FOMC’s minutes from the Federal Open Market Committee (FOMC) . With enormous tension diminishing in the wake of China’s decision last week to devalue its currency, the market is shifting her focus to U.S economic indicators as it looks for notions that the Fed has the justification to begin its rate normalization policy etc
