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USD/CAD HIT ONCE AGAIN KEY SUPPORT ZONEUSD/CAD traded slightly higher yesterday after it hit once again the key support zone of 1.2580, clearly visible on a 4-hour chart. That said, the recovery stayed limited near 1.2630. Lately, the pair has been trading in a consolidative manner, and thus, investors will refrain from confidently calling its next trending direction. In order to start examining the bearish case, the experts would like to see a dip below that key support. This will confirm a forthcoming lower low and may initially target the 1.2533 zones. Another break, below 1.2490, could invite more bears into the game, who may drive the action towards the levels of 1.2426 or slightly on South to the key support and psychological zone at 1.2300. On the upside, the experts would assess a bullish-case scenario when they see a recovery above the high of August 27th, at around 1.2700. This could set the stage for upside extensions towards the high at 1.2787, the break of which could extend the rally towards the peak of August 20th, at 1.2950. Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carry a high-risk level. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and such sites. Furthermore, one understands that the company carries zero influence over transactions, needs, and trading signals. Therefore, it cannot be held liable nor guarantee any profits or losses.
by legacyFXofficial
GBPJPY 30 Aug - 3 Sept Outlook and Trade PlanIt's NFP Week!! 1- Monthly structure still holding bullish and bouncing from 148.50 level. We are having 3 bearish candles since reaching year high at 156. This causing GBPJPY any up move is treated as a pullback until we have a close above 153 for the bullish momentum continuation. 2- Weekly is ranging between 148.50/153.40 with previous weeks are showing bearish structure within the range. Until we have a close above 153, GBPJPY will be bearish and any up move will be treated as pullback. Previous week was bullish but failed to close above 151.50/67 which is previous support, a close above it can give a nice push to retest 153. 3- Daily structure still bearish after reaching yearly high with LL/LH formation. Last support formed looks to be a double bottom which pushed price to retest above 151 and barely closed above it. Friday push failed to close above the recent resistance at 151.40. Until we have a daily close above the recent resistance, another push to the down side will be in play. A close above 151.40 will give a nice push to retest 152 with consideration to 151.67 the Weekly and daily support level currently acting as resistance. I’ll be looking to the following: Long: a support formation above 151.40 targeting 151.67/152 Short: A close below 150.50 will confirm the bearish momentum continuation for a retest to 150/149.50 News: Its NFP week on Friday, so expect the unexpected till Friday GBP: Wednesday and Friday will have important news JPY: Monday and Tuesday will have important news
by Amr_Sadek
GBPCHF - Look For Buy Setups!Hello everyone, if you like the idea, do not forget to support with a like and follow. GBPCHF is approaching our lower brown trendline so we will be looking for buy setups. Moreover, the blue level 1.250 is support from Daily timeframe. Thus, the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the blue support and lower brown trendline. (acting as non-horizontal support) As per my trading style: GBPCHF is sitting inside the purple zone, so I will be looking for bullish reversal setups on lower timeframes(like a double bottom pattern, trendline break, and so on...) Of course, unless the zone is broken downward, then we will be looking for sell setups on its retest. Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
Long
by TheSignalyst
25
GBPJPY 23-27 August Weekly outlook and Trade PlanGBPJPY 1- Monthly looking heavily bearish and the close of this monthly candle will be very important for the bullish structure as if we closed below 151 this will be a confirmation for break of structure. 2- Weekly solid bearish close 2 support levels 151.50 and 149.70 confirming bearish momentum continuation. Currently GBPJPY is at the weekly range low since March 21 which is a critical zone that price always bounce from. A close below that range will confirm that the bullish trend is over and we could be preparing for a deeper correction to the down side, also that close will lead the monthly candle to confirm break of bullish structure. On the other side, a support formation above the weekly low will be a counter trend trade opportunity for longs on anticipation that the previous rejections from the weekly low are still in play for a move to the up side that is limited to 151/151.50 for the current bearish momentum continuation. 3- Daily structure continuing the bearish momentum that was built up during every bounce from a new low created. A resistance formation below the weekly range low will be required for shorts targeting 147.40. A higher support formation above 149.65 will be required for any pullback to 151/151.50. Currently I’m looking for the following opportunities: 1- Possible longs on support formation above Weekly lows targeting 151/151.50 2- Possible shorts on resistance formation below weekly lows targeting 148.30/147.40 News: This week we have important news for GBP only on Monday by 9:30 and JPY on Wednesday and Friday. Map your news time in your daily plans. Weekly Chart: Daily Chart:
by Amr_Sadek
GBPJPY - 16-20 August 2021 Outlook and Trade PlanGBPJPY 16-20 August 2021 Outlook and Trade Plan Monthly structure still holding bullish with previous 2 months bearish close respecting 152.00 key level. A close below 152 will encourage more shorts to test the lows at 149. Weekly continuing the bullish momentum after 23 July solid close. Previous week bearish close formed a solid resistance and barely closing below 152 which indicate shorts pressure. 151.60/50 is the last support on weekly to hold as support for the bullish structure continuation. Below that we will confirm that a LH is formed and a continuation of the bearish momentum continuation after creating the YH at 156. Daily structure still bearish with LH/LL formation, trading below 1 July resistance formed at 153.56 due to the support formed on 14 May at 153.70. August 3 formed the first HL since 1 July at 151.67 bouncing from the daily zone at 151 key level. Last week close confirms the rejection and a continuation to the down side to test 151.60/50 is due. A close below that will confirm daily bearish momentum continuation. On the other side A close above 153.70 will give the opportunity to test the highs at 154.43 and 154.85. As a trade plan for next week, i'm looking to the following: Longs : On higher support formation and a close above 152.60/80 targeting the current highs and maybe continuation to 153.41 Shorts : option 1 will be on resistance formation below 152 targeting created targets and 151.60 4H Support. While option 2 is safe shorts below 151.60 targeting 151/150.90 News : A busy week for JPY and GBP with news everyday except Thursday, so please map news times as per your trading session. Daily Chart 4H Chart GBPJPY
by Amr_Sadek
2
GBPJPY 9-13 August Trade PlanGBPJPY GBPJPY 9-13 August Trade plan Monthly structure still holding bullish structure with previous 2 months bearish close respecting 152.00 key level. Weekly continuing the bullish momentum after 23 July solid close. Still we are trading below 153.66 28 June resistance formed due to 17 May support at 154 key level. Weekly is showing potential for more ups side to retest the 153.66. A close above will indicate a new HH is formed and possible continuation to Yearly High at 155.70. Daily structure still bearish with LH/LL formation, trading below 1 July resistance formed at 153.56 due to the support formed on 14 May at 153.70. August 3 formed the first HL since 1 July at 151.67 bouncing from the daily zone at 151 key level. A close above 153.70 will give the opportunity to test the highs at 154.43 and 154.85. On the other side a close below 151.67 current daily support and resistance formation will confirm that bearish momentum still in play and testing the lows at 149.50 will be in play. 4H Structure is bullish with HH/HL formation. but currently at a very tough 4H range support at 153.42. A close above will give the opportunity to push to retest 153.70/80. Failing to hold above 152.57 and a resistance formation will possibly push to 152. A close below 152 will be a trigger for me to Short targeting 151.60/151.20 News: mainly important ones are on Tuesday and Thursday.
by Amr_Sadek
GBPJPY 9-13 August Daily OutlookGBPJPY GBPJPY 9-13 August Outlook Monthly structure still holding bullish structure with previous 2 months bearish close respecting 152.00 key level. Weekly continuing the bullish momentum after 23 July solid close. Still we are trading below 153.66 28 June resistance formed due to 17 May support at 154 key level. Weekly is showing potential for more ups side to retest the 153.66. A close above will indicate a new HH is formed and possible continuation to Yearly High at 155.70. Daily structure still bearish with LH/LL formation, trading below 1 July resistance formed at 153.56 due to the support formed on 14 May at 153.70. August 3 formed the first HL since 1 July at 151.67 bouncing from the daily zone at 151 key level. A close above 153.70 will give the opportunity to test the highs at 154.43 and 154.85. On the other side a close below 151.67 current daily support and resistance formation will confirm that bearish momentum still in play and testing the lows at 149.50 will be in play.
by Amr_Sadek
BTCUSDT 1 August Time frame: 1DHi traders and welcome to my channel ... Btcusdt is still in a range in the daily chart but as you can see price touch the static resistance at 42426.50 if break this area … we expect price hit tp1:46930 and tp2:48780 but if price can't break this area ... I think create W pattern and it’s going to pull back to the neckline at 36595 then up to next level of resistance area at 46930 and 48780 for long position For short position if price breaks 29278 TP1:26904 TP2:22246 *Support this Idea with a like or Comments if you find it useful* Good luck guys and be careful Thank you
by saeedmp
6