CONFIRMATIONS
Breakout from range
Untested orderblock/demand zone/support, whatever you want to call it.
Correlates with the "golden zone" of the FIB-tool.
Higher low created within the range
Correlates with recently created trendline which is yet to be unconfirmed, i like to see 3-4 bounces on the trendline.
All simple, fundamentals not included.
I'm expecting a reverse within the red triangle area marked up on the chart based on bearish RSI divergence, price is in an area of resistance caused by previous price action and multiple descending trendlines.
If we get a bearish candle close tomorrow I will enter a sell position.
USDHKD FX:USDHKD has been acting the same since 2007, it is currently at the same bottom which has been a turning point since 2007 as well. Technically speaking this should be a turning point once again. I'm considering starting 10K account and risk 50% of my capital to avoid a margin call if it decides to break it's all time low which it has never done...
DXY: Broke out of a bullish ascending triangle pattern.
CXY: Broke out of a bearish HNS pattern.
Result: Retest of resistance/support levels on DXY, CXY and the currencypair USDCAD itself. This will be a perfect time to re-enter if you're not already in a short position on USDCAD. With that being said, let the pips rain down on us.
Since price broke the bullish resistance on May 19 I'm expecting price to go up when it reaches approximately 1.38507. If everything goes as said in the technical analysis a head and shoulders pattern will be formed because of the bullish resistance that was broken and price will later on breakthrough to the downside when the bears once again have pushed the price...
Since price broke the bullish resistance on May 19 I'm expecting price to go up when it reaches 1.38507.
If everything goes as said in the technical analysis a Head and Shoulders pattern will be formed and price
will later on breakthrough to the downside when the bears once again have pushed the price down to 1.38507
