MerlionFX

MerlionFX

overall, EURCAD is trading in an uptrend & recently touched a resistance area. with market sentiment positive towards the Canadian dollar & rise in oil prices, i am expecting prices to make a move down in the short term.

MerlionFX

Recently NZDUSD has reached a horizontal support & prices have reacted off it. Prices on the daily timeframe are slightly oversold, overall BEARISH trend. I am looking for prices to make a retracement to the UPSIDE before continuing it’s downward move.

MerlionFX Updated 

NZDUSD is currently on in uptrend in the higher timeframes. On the 4H, it seems like the short term downtrend is weakening. Prices have been rejecting lower prices and previously just closed with a Hammer Candlestick which indicates a potential reversal. A move to the upside is highly likely, BUY!

MerlionFX Updated 

NZDCAD has been steadily declining in a descending channel. Prices has recently touched the top of the channel and rejected. I will be taking a short position here. Reasons for entry: -Recent minor support has been broken -Formation of death cross on 15 and 30 EMA -Overall this pair is moving in downtrend

MerlionFX Updated 

EURAUD is currently trading in an uptrend and prices has recently reached an overhead resistance area and rejected. Prices may break the resistance in the future, however it would be nice for a short term selling opportunity to test previous support levels before making a move higher to the upside.

MerlionFX Updated 

USDCHF has been falling strongly and have just touched support. RSI is oversold & prices just touched the bottom of the channel, I am expecting prices to react in this zone and move short term to the upside. Entering a trade with a sweet 1:3 RR, let's see how it plays out. good luck :)

MerlionFX Updated 

EURUSD has broken out of it's downtrend. in the higher timeframes, EURUSD is trading in an uptrend. I will be expecting the prices to retest the broken structure next week before making a move higher, this insight is further supported by the RSI which is overbought. Targets marked in the chart, let's see how this plays out...

MerlionFX Updated 

Recently USDCAD has broken out of a downtrend and it is now shifting to an uptrend. Higher highs and lower lows are still being made & priced have touched the bottom of the ascending channel, a move to the upside is likely.

MerlionFX

AUDUSD is currently trading in a downward trend, however it has been rejecting lower lows and yet rejected higher highs too. I am waiting for a confirmation on either direction before entering a trade, let's see how it plays out!

MerlionFX Updated 

GBPUSD has broken out of a short term downtrend & have touched a resistance that has been rejected twice previously. I will be looking to take a short position to test the previous support levels as prices are at a resistance zone & RSI is overbought.

MerlionFX Updated 

GBPCAD is currently trading in a bullish trend in an ascending channel. Last week, prices have risen and have touched the ascending channel trendline & tested the previous resistance twice, i am expecting this pair to rise further in the future to test the next resistance (1.714 levels). Because RSI is overbought on the 4H timeframe and price has rejected...

MerlionFX

As envisioned in my previous idea, GBPCAD has risen as expected and hit my TP. Congrats to anybody who had followed my previous analysis and stay tuned for more ideas :)

MerlionFX Updated 

As posted in my previous idea, GBPCAD has retraced as envisioned and has found support at my POI. Furthermore, it appears to be forming a Golden Cross on the 15 & 30 EMAs. Hence, I will be entering a Long Position with a sweet RR ratio.

MerlionFX Updated 

GBPCAD is currently trading in an Ascending Channel, RSI is currently overbought in the 1H timeframe. I will be waiting for the price to come down to my POI before it makes a move higher.

MerlionFX Updated 

Overall EURCAD is in a downtrend and will soon be testing the previous resistance. However it looks like the downtrend is coming to an end as the pair is forming higher highs and higher lows. RSI is overbought on the 1 hour timeframe, hence I am expecting a slight retracement to the 1.43985 area before continuing the move upside.