Long-term and Short-term Setups
- Thread starter TriciaWilson
- Start date
CAD/JPY Technical Analysis
- The counter has formed a head and shoulder pattern.
- It has broken the neckline with a strong bearish candle.
- We expect the neckline to cap the upswing and push it down from here.
AUD/CAD Technical Analysis
~~ The counter is currently trading around a strong resistance zone that triggered a sell-off previously.
~~ According to the wave, it has now completed the ABC correction for the down move it made.
~~ Further, the entire setup looks like a head and shoulder in the higher timeframes.
~~ Hence, we expect the pair to move down from here to the potential supportive trendline marked in the chart and if it is broken, it could trigger a larger sell-off.
~~ The counter is currently trading around a strong resistance zone that triggered a sell-off previously.
~~ According to the wave, it has now completed the ABC correction for the down move it made.
~~ Further, the entire setup looks like a head and shoulder in the higher timeframes.
~~ Hence, we expect the pair to move down from here to the potential supportive trendline marked in the chart and if it is broken, it could trigger a larger sell-off.
Attachments
USD/JPY Technical Analysis
~~ The counter is currently in a descending channel formation.
~~ It has made an inverted and cup and handle formation within that.
~~ Further, the price is currently hovering around a strong supply zone.
~~ Hence, we expect the pair to be bearish in the short-term.
~~ The counter is currently in a descending channel formation.
~~ It has made an inverted and cup and handle formation within that.
~~ Further, the price is currently hovering around a strong supply zone.
~~ Hence, we expect the pair to be bearish in the short-term.
Attachments
Right at this moment, there is no indication / signal to show it will go down.
it is still moving in a small range / consolidation phase, though the day chart shows it is in the up channel.