Technical confluences: Fibonacci retracement level, demand zone break retest, bearish harami
Fundamental confluences: US-Iran tensions increasing crude oil prices, USD/CAD negatively correlated with crude oil.
Possible Outcomes of this trade:
Short till 1.3000 and retest - TP1, after which we need to update this setup.
TP2 is at 1.2950 and TP3 is not defined...
Technical confluences: Strong resistance bounce with an evening star pattern completed, alignment of 61.8% fibonacci level and a strong support at 0.64943.
Possible outcomes: Price likely to retest the fib 61.8% level, after which it is likely to go long.
Here I present my analysis on the Cable (GBP/USD), on which I have a strong bullish bias considering both of its technical and fundamentals.
On the technical side, the Cable is seen to be re-testing the upper band of the bullish flag it just broke, which happens to be a strong demand zone of the pair. Adding a confluence to this analysis, the stochastic RSI...
We can see a corrective upward swing on the AUD/JPY chart on a daily time frame, with a complex rising wedge pullback that is respecting the fibonacci r retracement ratios as well. The following are the confluences identified;
1. 61.8% fibonacci retracement
2. Rising wedge formation
3. Long-term bearish trend
Besides these factors, I have used the super-trend...
USD/CHF or the Swissie as most people refer to, has an interesting falling wedge formation as shown on the chart presented. The falling wedge breakout is a chart pattern that works out really well for me on this pair specially on time frames above 1 hour.
Another interesting confluence to this chart is an awesome oscillator divergence, which is rarely seen but it...
Here I present several price action confluences that are identified on the Fiber (EUR/USD).
Firstly, we can see the price approaching the bearish trend line, which makes us look at the opportunities to trade pullbacks on this pair. Looking for further confluences, we can see the following indications on this pair;
1. A 50% fibonacci retracement level which has...
Here I present my analysis on the USD/CAD pair (aka Loonie), which as most of us might have seen as well, has recently broke out of the falling wedge pattern. The following confluences are identified that indicate a bullish bias for the currency pair;
1. Rising wedge pattern breakout
2. Awesome oscillator divergence from price
3. Price retracing from the 78.6...
