WEEKLY: USDCAD Strategic View: Right above major support, prepare to buy

Published on: July 24, 2017

Buy above 1.2460. Stop loss at 1.2142. Take profit at 1.3000.

Reason for the trading strategy:

Price continues to drop perfectly after breaking our major support-turned-resistance line. We prepare to buy above major support at 1.2460 (Fibonacci extension, horizontal swing low support) for a push up to at least 1.3000 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (34,5,3) is seeing major support above 0.8% where we expect a bounce from.

WEEKLY: USDCAD Daily Key Elements

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USDCAD major levels of resistance:
1.3840 (Fibonacci retracement, Fibonacci projection)
1.3600 (Fibonacci projection, Fibonacci retracement, horizontal overlap resistance, swing high resistance)

USDCAD major levels of support:
1.2200 (Fibonacci retracement, swing low support)
1.2040 (Fibonacci retracement, Fibonacci projection, swing low support)
1.1400 (Fibonacci projection)

USDCAD technical indicators:
RSI (34) has made a bearish pullback to its resistance line where we expect another reaction from. We can also see a long term descending resistance line starting to act as immediate resistance to our RSI.

WEEKLY: USDJPY Strategic View: Right on major support, prepare to buy

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Buy above 110.80. Stop loss at 110.20. Take profit at 112.85.

Reason for the trading strategy:

Price is now testing major support at 110.80 (Fibonacci retracement, horizontal overlap support) and we expect to see a bounce above this level to at least 112.85 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing major support above 3.3% where we expect a corresponding bounce off too.

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)

USDJPY major levels of support:
108.00 (Fibonacci retracement, Fibonacci extension, horizontal swing low support)
107.00 (Fibonacci retracement, horizontal overlap support)

USDJPY technical indicators:
Stochastic (21,5,3) is dropping nicely from our 95% resistance as expected.

WEEKLY: XAUUSD Strategic View: Approaching pullback resistance, prepare to sell

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Sell below 1264. Stop loss at 1298. Take profit at 1123.

Reason for the trading strategy:

Price is approaching our pullback resistance level at 1264 where we expect another reaction from. We have avoided the fake bullish breakout and expect it to drop really nicely from here. We remain bearish looking to sell below 1264 resistance (Fibonacci retracement, horizontal resistance, descending resistance, bearish divergence) for a further push down to 1123 support (Fibonacci extension, horizontal swing low support).

Stochastic (55,5,3) has dropped nicely as expected fuelled by the bearish divergence. We still have good downside potential for price to play with and we see intermediate resistance at 45% which corresponds with the 1264

WEEKLY: XAUUSD Daily Key Elements

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XAUUSD major levels of resistance:
1250 (Fibonacci retracement, horizontal overlap resistance)

XAUUSD major levels of support:
1120 (Fibonacci retracement, recent swing low support)
1040 (Fibonacci retracement, major horizontal pullback support, swing low support)

XAUUSD technical indicators:
RSI (34) is seeing ascending support pushing price up
Stochastic (13,5,3) is seeing resistance at 92% which could signal a short term resistance. There is also bearish divergence signalling that a bearish reversal is impending.

WEEKLY: EURUSD Strategic View: Approaching major resistance, prepare to sell

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Sell below 1.1720. Stop loss at 1.1810. Take profit at 1.1490.

Reason for the trading strategy:

Price continues to rise towards major resistance at 1.1720 (Channel resistance, Fibonacci extension, long term horizontal swing high resistance) and we expect to see a strong reaction from that level to push price down to at least 1.1490 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,5,3) is seeing major resistance at 97% and we expect to see a drop from this level soon.

WEEKLY: EURUSD Daily Key Elements

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EURUSD major levels of resistance:
1.1720 (Fibonacci retracement, Horizontal swing high resistance)
1.1460 (Fibonacci extension, Horizontal overlap resistance)

EURUSD major levels of support:
1.1300 (Fibonacci retracement, Horizontal pullback support)
1.0820 (Fibonacci retracement, Horizontal overlap support)
1.0350 (Fibonacci projection, bullish candlestick reversal)

EURUSD technical indicators:
Stochastic (21,5,3) is testing major resistance at 92% where multiple reactions with price occurred before.

WEEKLY: GBPUSD Strategic View: Dropping perfectly towards profit target, remain bearish for a further drop

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Sell below 1.3012. Stop loss at 1.3067. Take profit at 1.2813.

Reason for the trading strategy:

Price has reached our selling area last week and dropped perfectly. We remain bearish looking to sell below 1.3012 resistance (Fibonacci retracement, horizontal overlap resistance) for a further drop towards 1.2813 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,5,3) is dropping nicely from our 92% resistance level and has good downside potential for price to drop further.

WEEKLY: GBPUSD Daily Key Elements

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GBPUSD major levels of resistance:
1.3470 (Fibonacci retracement, multiple horizontal swing high resistance)
1.3170 (Multiple Fibonacci retracements, Fibonacci extension)

GBPUSD major levels of support:
1.2630 (Fibonacci retracement, Horizontal overlap support)
1.1920 (Swing low support, rejection candlestick support)

GBPUSD technical indicators:
RSI (55) is seeing major long term ascending support holding it up nicely along with intermediate resistance at 56%.