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WEEKLY: USDCAD Strategic View: Bullish breakout, time to go long

Published on: February 23, 2018

Buy above 1.2643. Stop loss at 1.2422. Take profit at 1.3128.

Reason for the trading strategy:

Price has broken out of our long term descending resistance line signalling that we’re likely to see a bullish recovery to 1.3128 (Fibonacci retracement, Fibonacci extension). Our major support is in line with our breakout level and is at 1.2643 (Fibonacci retracement, horizontal overlap support).

RSI (89) remains under strong bearish pressure and is starting to test the line. We have to monitor this and only a bullish exit would confirm our bullish move in price.

WEEKLY: USDCAD Daily Key Elements

Published on:

USDCAD major levels of resistance:
1.3840 (Fibonacci retracement, Fibonacci projection)
1.2960 (Fibonacci retracement, horizontal pullback resistance)

USDCAD major levels of support:
1.2040 (Fibonacci retracement, Fibonacci projection, Horizontal swing low support)
1.1860 (61.8% Fibonacci extension, Horizontal swing low support).
1.1580 (ABC Fibonacci extension)

USDCAD technical indicators:
Stochastic (34,5,3) is approaching resistance at 97%.

WEEKLY: USDJPY Strategic View: Price has retraced to our selling entry as expected, remain bearish

Published on:

Sell below 107.60. Stop loss at 108.02. Take profit at 105.74.

Reason for the trading strategy:

Price has bounced up exactly as expected and reached our selling entry before reacting off it nicely once again. We remain bearish looking to sell below major resistance at 107.60 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a further drop to 105.74 support (Fibonacci extension, horizontal swing low support).
RSI (34) continues to face massive bearish pressure from our long-term descending resistance line.

WEEKLY: USDJPY Daily Key Elements

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USDJPY major levels of resistance:
118.60 (Fibonacci retracement, horizontal pullback resistance)
114.50 (Fibonacci retracement, horizontal swing high resistance, bearish divergence)
107.30 (Fibonacci retracement, horizontal overlap resistance)

USDJPY major levels of support:
102.50 (Major swing low support)

USDJPY technical indicators:
Stochastic (21,5,3) is testing support at 6%.
RSI (34) has made a bearish exit of its long term ascending support-turned-resistance line.

WEEKLY: EURUSD Strategic View: Profit target reached perfectly, prepare to sell on the break of major support

Published on:

Sell below 1.2223. Stop loss at 1.2371. Take profit at 1.1940.

Reason for the trading strategy:

Price has dropped perfectly as expected and has reached our profit target perfectly. We are seeing price break our ascending support line that stretches all the way back to November 2017. However there is strong support at 1.2223 (Fibonacci retracement, Fibonacci extension, horizontal swing low support) and only a break of this level would trigger a push down to 1.1940 (Fibonacci retracement, horizontal overlap support).

RSI (89) has made a bearish exit of its long term ascending support signalling that momentum if shifting from bullish to bearish.

WEEKLY: EURUSD Daily Key Elements

Published on:

EURUSD major levels of resistance:
1.2660 (Fibonacci retracement, horizontal pullback resistance)

EURUSD major levels of support:
1.2050 (Pullback support)
1.1580 (Fibonacci retracement, horizontal pullback support)

EURUSD technical indicators:
Stochastic (89,5,3) is dropping nicely from our 98% resistance level and is also seeing massive bearish divergence vs price signalling that a reversal is impending.

WEEKLY: GBPUSD Strategic View: Price dropping nicely, prepare for a strong bounce

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Buy above 1.3670. Stop loss at 1.3424. Take profit at 1.4142.

Reason for the trading strategy:

Price has dropped nicely as expected and is approaching strong support at 1.3670 (Fibonacci retracement, horizontal pullback support, Fibonacci extension) and a strong bounce could occur at this level to push price up to 1.4142 resistance (Fibonacci retracement, horizontal swing high resistance).

RSI (34) remains above our long term horizontal support at 40% and as long as it remains above that level, we will maintain our bullish bias.

WEEKLY: GBPUSD Daily Key Elements

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GBPUSD major levels of resistance:
1.4880 (Major swing high resistance)

GBPUSD major levels of support:
1.3850 to 1.3600 (Horizontal overlap support area)

GBPUSD technical indicators:
Stochastic (34,5,3) is testing 96% resistance level.
RSI (55) is seeing long term ascending support hold up price really well.

WEEKLY: AUDUSD Strategic View: Profit target reached once again, prepare for a bounce

Published on:

Buy above 0.7745. Stop loss at 0.7633. Take profit at 0.7979.

Reason for the trading strategy:

Price has dropped strongly and reached our profit target once again. We prepare to buy above major support at 0.7745 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) for another bounce to 0.7979 resistance (Fibonacci retracement, horizontal swing high resistance).

Stochastic (34,5,3) is seeing strong support above 3.4% where a corresponding bounce could occur.

WEEKLY: AUDUSD Daily Key Elements

Published on:

AUDUSD major levels of resistance:
0.8170 (3 Year High, 100% Fibonacci extension, 161.8% Fibonacci extension)
0.8130 (Major swing high resistance)

AUDUSD major levels of support:
0.7740 (Fibonacci retracement, Horizontal pullback support)
0.7505 (Fibonacci retracement, Fibonacci extension, Horizontal overlap support)
0.7370 (Fibonacci retracement, Horizontal swing low support)

AUDUSD technical indicators:
Stochastic (34,5,3) is approaching major support at 4.9% but still has some good downside potential.

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