Moipone_Phakisi

Moipone_Phakisi

About a week ago I posted that USDCAD is in a downtrend but I saw a potential for a retracement and a bounce in daily demand. The bounce happened and price retested a daily resistance zone. Now I believe the trend will continue to the downside.

Moipone_Phakisi

Bullish confirmations to look out for: 1. Break of the double bottom rejection pattern neckline to validate the pattern 2. Breakout and retest of the resistance trendline 3. Creation of new higher lows on H4 and H1 Timeframes following the above confirmations

Moipone_Phakisi

Is price finally headed towards All Time Highs? Looks like it has broken out of a falling wedge aftter retesting a daily demand zone and high confluence zone on H4 TF.

Moipone_Phakisi

It looks to me that price was retesting this head and shoulders following the breakout of the neckline. If the current H4 resistance zone holds and we get a breakout of the bearish flag then the downtrend will resume.

Moipone_Phakisi

Descending wedges and channels usually breakout to the upside while ascending wedges and channels usually breakout to the downside. We currently have an ascending channel on the H4 TF. But as usual, nothing is confirmed until a clear breakout and retest.

Moipone_Phakisi

I am looking at this inverse head and shoulders on the daily TF as a strong confirmation that the overall trend is still bullish. However, there is a strong probability of a pullback to either daily demand or the right shoulder region before the uptrend resumes.

Moipone_Phakisi

Price continues to decline while respecting the daily resistance trendline. The next target is daily demand zone as shown and if it bounces in that zone and retraces it will continue to drop until weekly demand has been retested.

Moipone_Phakisi

Despite price being in a daily resistance zone, GBPJPY is still showing strong signs of being bullish. I would caution against committing to any short positions - at least on a long term basis.

Moipone_Phakisi

Price being in resistance zones should not be an automatic sign that we should start selling. The trend is still bullish until we see clear signs of a reversal.

Moipone_Phakisi

After price broke out of a bullish flag it retested a newly formed weekly demand zone. All this confirmations on a high timeframe are strong indications that pressure is still to the upside and will likely continue to be so for some weeks to come

Moipone_Phakisi

Consistent daily demand zones are being created in this uptrend, signalling this is still a buyers' market. Momentum to the upside will continue and new All Time Highs will be claimed as long as new demand zones on H4 and daily timeframes are created.

Moipone_Phakisi

DXY is weak and it is therefore not surprising that GBPUSD is gaining strength. According to the rules of the bull flag measured move target, the bulls will be in this ride for a while. As long as that H4 demand continues to hold, look for buying opportunities and ride the trend to the upside.

Moipone_Phakisi

My bias on Gold has been bullish since I took the first long position at 3150 when I saw a bullish flag on the daily timeframe. The bullish continuation patterns on H1 TF are helping me scale up and add new positions as price continues to rally. IF you are lucky price might pullback to the right shoulder region of the current inverse head and shoulders pattern....

Moipone_Phakisi

I see strong bullish confirmations and continuation patterns on the H1 TF —that H4 demand held on strong. I am anticipating new all time highs in due course. If you are swing trader, every pullback is an opportunity to scale on the longs.

Moipone_Phakisi

The bulls are still strong in this market. However if you are currently not holding any positions I would recommend waiting for that H1 bull flag breakout and retest.

Moipone_Phakisi

Price is showing signs of being rejected in the current daily supply zone. A strong momentum to the downside will take price to daily support and if daily support breaks the next target will be in weekly demand.

Moipone_Phakisi

Price was retested and rejected in an H4 demand zone following a massive pullback. Since then, it has been showing consistent higher highs and higher lows on H1 and has now confirmed a bearish-to-bullish reversal in the form of an inverted head-and-shoulders pattern. Whether or not there is a minor pullback, as indicated by the arrows pointing to the downside, the...

Moipone_Phakisi

The overall trend is still bullish. But now that we have a broken H4 TF resistance trendline, price is pulling back. If the current H4 demand is violated, look for long entries in the next H4 demand zone.