Weekly ABCD pattern on VALE5 before signs of reversal- EMAs crossed suggesting bullish bias;
- Price getting out of volatility channel (upside)
- Rebound from the 50% retracement;
- Robust weekly candle;
- Possible ABCD pattern before any sign of reversal;
- Stoch is not losing pressure yet.
Weeklyoutlook
USDCAD WEEKLY TRADING PLAN FORECAST 9/10/16We are expecting a pullback, followed by a bullish continuation. Buy lows.
EURAUD - Potential LONG - Week Commencing 29th August 2016EURAUD has been an interesting pair to watch over the past couple weeks. Price has declined breaking the weekly bullish TL, tested major support as well as bouncing off 200-day moving average on weekly time frame. Failing to close below these is good indication for a bull run.
Recently, we’ve seen the AUSSIE DOLLAR decline, as China’s manufacturing news has been disappointing. This has enabled the EURO to gain momentum and start a bull run. 2 weeks ago price re-entered the weekly bullish TL and made new daily highs.. Last week price retested the recently broken bearish TL and ended the day as a strong bullish Doji.
In the coming week, china are due to release manufacturing data which is forecasted to be disappointing which could act as a catalyst and allow the EURO to continue its bull run. If we go down to the hourly time frames we see that price has made lower highs and lower lows. Therefore, we will not enter our long trade until we see a reversal with higher highs to confirm the bull run has started. We first expect price to test the red resistance zone. Once this is broken price will continue up to test the weekly bearish TL at 1.58300.
AUDCAD possibly about to break out to UpsideAfter a short breakout has failed on the higher timeframes in Sep 2015, an immediate reversal occured and this FX pair went all the way from 0,92 to 1,02. Ever since it hit that high it retraced, but never went as low as the previous low in Sep 2015. A possible trend continuation could follow if the indicated fractal buy signal is hit. It would mean the break of important resistance and therefore following the move further to the upside is a possiblity.
