RCtrader2

RCtrader2 Updated 

The release of the Canadian monthly CPI* was sufficient motivation for the price to bounce off the resistance line on the 17th of August. Seeing that happen might determine traders to buy the CAD until the pair reaches the lower limit of the channel. The target is 1.2900 which is the whereabouts of MS1 (1.2890) and the extremity of a three-drives pattern (4h...

RCtrader2 Updated 

It took PA three months and a half to complete 1115 pips long dip after it spent a similar amount of time hovering onto the upper limit of the yearly channel. The recent stop was less than a hundred pips away from a 61.8 fibo retracement (at 1.1185) (low: 1.033, high: 1.1255) and has not yet been retested. It is clear to me that we are at a crossroads where one...

RCtrader2 Updated 

The PA on the monthly chart is headed up, but the daily bars are in a downtrend channel. So, what is its direction? The pair is hovering for now on the top of two mid-trendlines: the daily and the weekly. It is visible on the chart that it made two attempts to cross the weekly mid-trendline and there are no clues it won't do it again and perhaps succeed. A second...

RCtrader2 Updated 

It was not something I expected, but the price created a cup pattern on the 4h chart. The part that is missing is the handle and the upwards move from it that should be at least half the cup size. If we measure the downwards move on the daily chart from 1.24 using the Fibo tool, we will see that a 38.9 retracement is at 1.1720 and that is where the price is headed...

RCtrader2 Updated 

Our TP1 was achieved at 1.1620 yesterday and price respected a major s/r trendline by creating a top and making a reversal Today which was also necessary to complete the handle of the 'cup and handle' pattern (4h chart). In respect to the price action, I drew the channel and look forward to our next TPs that is 1.1690 and possibly 1.1720 (which is a 38.9 Fibo...

RCtrader2 Updated 

The Aussie was basically rejected by MS2 at 0.7228 though it went lower than that, making a false breakout. My opinion on that is that the MS2 will be retested and a rectangle pattern could develop on the 4h and daily chart. The pattern could be between MS3 (0.7144) and MS2. On the long run, however, I see 0.7000 and lower if RBA and FED interest decisions will go...

RCtrader2 Updated 

The GBP/USD pair made record lows, last seen in June 2017, and there are no clear signs to an end of the downtrend. The daily channel full of almost steep declines has found price hovering onto the lower limit throughout the week. The cable broke two of the monthly support lines and for sure is headed to the third one (1.2511). Our aim is to make some profit from...

RCtrader2 Updated 

The bullish divergence on the 1h and 4h charts have stopped the downtrend at 1.1298 which is considerably low if we are to count the pips from 1.2555 this year high. Inverted H&S developed first on the 1h chart and then on the 4h chart that propelled the price into the 1.1444 zone and could fuel for more in the upcoming days. Our mission is to identify key...

RCtrader2 Updated 

Litecoin together with many other cryptocurrencies has been losing value against USD and has dived from a price of $370 recorded on the 19 Dec 2017 to $55. It is an 85% loss in value and it may grow in the next 2 weeks. The key support, however, is in the $40s and $50s area where it resided for months last year. The angle which was almost vertical at the beginning...

RCtrader2 Updated 

It took three weeks to make all 5 waves part of the 5-3 EW starting with 1.1748. The 3rd motive wave stopped at a 2.000 Fibo extension from 1.1527 (end of the 1st wave, 1.000 Fibo). The pair has made new record lows unseen for more than a year and is 100 and something pips away from a 0.618 Fibo retracement on the weekly chart. It might be the time for some major...

RCtrader2

The depreciation of the Turkish lira against the US dollar in the week of 5-10 August in the amount of 30% of its previous value looks simply ballistic on the daily and weekly chart. The reason for that would be the chilling relations between the US administration and Turkish leadership and the growing uncertainty of the Turkish direction on the global agenda....

RCtrader2 Updated 

The USA GDP data released last Friday had an opposite effect making the price spike but perhaps the numbers had been priced in on the previous day. It is the last week when price can continue hovering within the limits of the symmetrical triangle (daily chart). The range now is somewhere between 1.1600 and 1.1720, which will narrow to 50 pips by Friday. If the...

RCtrader2

Canadian positive data and Donald Trump criticism of the FED made all currencies surge against the dollar. The greenback lost ground to euro making price enter again the 1.17x area. A bearish pennant, however, is a possible outcome on the daily chart, and breaking 1.15 would bring traders at least 250 pips to the south. It is a new week where data figures will...

RCtrader2

The market reacted positively to the news of EU reaching a consensual agreement on the refugee-migrant crisis that impacted deeply the EU nations' social-political sphere. The victory would seemingly be in the process of processing applications for asylum seekers in EU with centres being opened in the troubled countries. The impact was so big that it valued the...

RCtrader2 Updated 

Could we possibly see the point C of the ABC pattern on May 15?

RCtrader2 Updated 

I believe on Monday and Tuesday will have 2 daily green candles which will make up for a 0.236 Fibo daily retracement. And then on Wednesday and Thursday will make a rapid movement south to 1.182 Monthly Support2 or even lower to 1.179 Weekly Support3.

RCtrader2 Updated 

On the 21st of June we witnessed a rather forceful reversal from the mild downtrend we were experiencing with the formation of an hourly uptrend that continued the following day. The price action reached DR2 ~1.1632 on Thursday from day low ~1.1507, which amounted to ~125 pips gain for the EURO and ended the day by landing on DR1 ~1.1601. The rally continued on...

RCtrader2

It appears to me that on the 14th of June, the lower high hit the upper limit of a EUR/USD downtrend channel. At the moment we are right in the middle of it and so any move either up or down is possible. What we can spot however by looking at this channel is that in less than 10 days our highest possible lower high will be below 1.1650. Any fearless traders could...