Currently NZDCAD looks to be setting up with an Pattern. Typically when you see this form at the bottom of a downtrend like we are seeing now, we see a shift in trend. We know from the Commitment of Trader reports that commercial long contracts are now at the highest we have seen in a very long time giving us a fundamental confluence with this currency. Seeing combined with this information can work effectively and efficiently. If we see the market pullback into the left shoulder we could look for long trades. Be careful with this market in particular as Wednesday we have the Bank of Canada interest rate decision where they have already discussed the potential for a rate increase which may now be priced in.
NZDCHF has been on our watchlist for a while now and looks to be setting up nicely with the break and close above the key daily support of 0.6500 last week. The 4hr timeframe is printing an uptrend creating the higher highs, higher lows. Typically in a trend the market will re-test areas of structure as it moves higher and as we can see we have a 38.2 fib sitting just below the previous structure highs where the market could find buyers again.
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EURO/GBP Intraday Analysis
Target and correction in the chart
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Wait for short entry with TP and SL in chart
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Wait for correction and long entry with TP and SL like chart
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One on my key signals which I’ve been following all year was confirmed at yesterdays close.
Biggest imminent danger is from another fall in stockmarket (could be short and quick).
I’ve included S & P 500 chart.
You can wait for the break out of the box but my guess is that if the stockmarket goes down it will take all crypto with it.
To find out how to construct my signals boxed in yellow check out my other postings. There’s more than one way to trade them.