Michael_Harding

Michael_Harding

The above chart illustrates EURUSD on the 1 hour timeframe. Currently the pair is struggling to develop another bullish impulse wave to the upside as France and Germany proposed a $545 Billion E.U. Corona Virus relief fund to be given out as grants to those negatively impacted from the virus. As noted on the chart if we break below that yellow line around...

Michael_Harding

Well I wasn't expecting this pair to sell off as quickly as it did and so I decided to lock in all short positions. Closed all positions early at Target 2 When reviewing all major dollar pairs across the board, they are now displaying the dollar in oversold territories. Gold also like it's at a tipping point to correct to the downside. With that said, I'm now...

Michael_Harding

The above chart shows price action for Gold on the 4 hour timeframe. As we all know, XAUUSD and DXY tend to have an inverted correlation relationship. If we study today's move against the greenback across the board, we can see that the dollar was quite oversold. With that said, if we see some strength added back to the dollar heading into this week's USA...

Michael_Harding

Plan is simple Place a pending buy limit around the 1.20 handle - 1.2010 is ideal. Stop around 1.1970 ( 40 pips ) TP: 1.2280 ( 250+ pips ) Trade Safe - Trade Well Cheers!

Michael_Harding Updated 

The Dollar Index failed for a forth time on Friday to hold above the 78.6% retracement level from the recent down swing and closed out with a typical Doji looking candle. This suggests we might start to see some selling action but please note that last Monday ( May 11th - Green-line should be pointing there ) the markets starting fleeing for safety and buying the...

Michael_Harding

The above chart illustrates price action with S&P500 on the daily timeframe and so I wanted to point out that we are testing the 50% mid range pivot from the previous most obvious support and resistance levels. I know some of you might have the perspective that we held above Resistance on Friday and so that's why I wanted to point out this current pivot we're up...

Michael_Harding

When it comes to trading, I like being prepared for all likely scenarios. Here I illustrated the most likely setups. Scenario A: We get some further upside then bounce off the 10k resistance Scenario B: We get upside, minor bounce off the 10K, then a break to the upside which then opens 11,000 long/buy side target Scenario C: After bouncing off the...

Michael_Harding

Technically overall this pair continues to trend within a range from 1.0780 - 1.0880 as illustrated in the chart above. Currently on the 1hr timeframe we are maintaining somewhat of an ascending channel. The 1.08 level has held quite nicely as support recently providing clues that the overall market turns more bullish when we reach the lows of 1.0780 - 1.0800....

Michael_Harding

Heading into next week we have several major Oil fundamental reports that could impact the Loonie including the Carryover into the June Future Contracts + Oil Inventories on Wednesday expected to show another negative figure. If we see a rebound in the oil market, that could add some strength to the CAD and thus push USDCAD down towards the targets as outlined in...