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Long-term and Short-term Setups


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USD/CAD Technical Analysis

~~ The counter has bounced off strongly from the support 1.31, after trapping the bears with a fakeout.

~~ Now, it has taken down a bearish trendline as well.

~~Hence, we expect the pair to be bullish in the short-term.

 

t55rBeUu

 

Nice pattern, however I see more downside for USD, also it's descending triangle so chances are high for true breakout lower. Holding short on this pair with Hotforex but will close if it drifts too much from the upper bound.

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EUR/USD Wave Analysis

 

~~ The counter had completed its long-term wave 4 with an ABC correction.

~~ It had bounced off from the lows strongly by crossing the resistance at 1.1706.

~~ Further, if the price sustains at a higher level for the day, it could be interpreted as a morning star formation.

~~ We expect the pair to race away to highs and complete the wave 5.

 

eQbKrBCo

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EUR/CHF Technical Analysis

 

~~ The counter has formed a dragon pattern.

~~ In a downtrend, it made a 38% retracement from the low and then rendered a false breakout.

~~ Further, it is on the verge of breaking out the trendline (a break validates it).

~~ Hence, we advise traders to be long in the counter once it crosses 1.730.

 

BM4tvMDa

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USD/JPY Technical Analysis

 

~~ USD/JPY made a strong impulse move two weeks before.

~~ But the rally fizzled out at the high and since then the pair is retracing its move.

~~ Now, it has found support around the 103.7 mark.

~~ A move beyond the resistance 104.2 can invite bulls once again in this counter and hence we advise traders to go long as soon as the pair breaks above it.

 

8jnCR2L3

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