Tuesday, 2 September 2014
Long term the usdcad is bullish but some retracement might be in store as nothing goes up in a straight line. Just in case this whole count is wrong a consevative way to play this is to be looking to short if 1.0900 is taken out to the downside.
Friday, 29 August 2014
Thursday, 28 August 2014
Monday, 25 August 2014
Right out of the gate today the US$ gave a smackdown to all the other major currencies. However as the day progressed it appears all the gaps except the eurusd have been filled. This leaves us thinking is this a real breakaway gap (which usuall signifies the midway of the downmove) of is this gap a low volume run in price because UK was on holiday.
I have been tracking an EW 5 move down in this pair as shown in red lines on the chart (5th wave hasnt completed yet. Normally a 3 wave retracement should follow towards 3400. Either way the trend is still down and so if we get a retracement I will use it as a better selling entry. Likewise if the gap doesnt fill then the true bearishness of the eur is now even clearer