Good morning folks! I hope you are well!
Let’s dive straight into it.
(Oh and by the way, I’m taking my first week of absolute holiday next week, so expect a lot of action in the markets)
Aussie Kiwi clearly broke the ascending trendline over the last few days it’s currently rejecting an old counter zone, I was looking for an entry here, however, none of my entry styles enable me to place a long order here.
Got to stick to your trading plan folks!
That being said, we may see an opportunity to go long tomorrow (or to go short) – I’ll be interested in seeing how the price develops over the next few hours/days.
We have a strong area of supply just above the trendline, so if we saw a small push into it we could expect a strong reversal.
At the same time, the trend has been bullish for quite a while and we are still supporting price and haven’t seen a break in the structure of the trend (aside from the trendline break)
Euro Canadian Dollar has broken out of the descending trendline I have drawn in, however, it remains important to point out that price is mainly in a sideways correction at the moment and not in a clear trend change area, we’ve been going sideways in this range since May, so I’m being patient!
Kiwi Canadian broke a descending trendline and is now headed towards the area of demand, I’ll be keen to see how price reacts to it if it doesn’t bounce from the trendline retest beforehand!
Sadly I didn’t execute this trade, it took place at 3am and I didn’t expect a trade to take place on this pair, it seemed like it wanted to go higher at the time.
Looks like we’ll remain in the train station and miss the train.
A part of me will gladly admit, that I’m half tempted to place an order in case we see a pullback since the set-up was rather nice, that being said, it’s definitely not the nicest looking trendline break that we had so…
Good job to those who took it, but it’s true, it’s kinda in the middle ground for me
Take care folks!