Looking at the bigger picture - Break and Retest of Weekly Trendline - Favoured Fib Retracement
Thoughts on this? Last key area to test where there are likely to be an influx of buyers
Daily resistance holding strong.. Further downside? Multiple daily rejections and a strong bearish closure
USDCAD - Pullback to 130.000 then 131.000? Heavy CAD news could see this pair fly. Regardless of the pullback I would look to take a Long position
Start of the pound recovery? Possible idea if 134.000 breaks
EJ - Pullback then 128.000? Failure to close below the previous low could result in a bit of a pullback before seeing 128.000
Simple break, retest and continuation? Clean Charts is a must. Trade what you see and not what you think! Either way, the risk management is there
Reasons to look at potentially going short; - Third touch of descending trendline - 61.8 fib retracement - Back testing Short term support now possible resistance - Heading towards dynamic resistance (200MA) Things to consider before; - A lot of buying pressure over the last few days (2 of 3 Strong Bullish Candle closures) - DXY looking bullish, Could see some...
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