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Cable was pretty strong today and increased sharply against almost every other major pairs.
But if you see figure below you can find out that on the daily chart price is at the 61.8 fibonacci retracement from 1.5736 to the low of 1.5316 and I like it because it’s exactly at the 40 simple moving average too.

In the hourly chart exchange rate has reached the 200 simple moving average as it bounced off it 3 times before I can imagine 200sma is in the action in the hourly chart:

And the last confirmation of this short setup could be a bearish gartley pattern on the hourly chart:

So for the setups:
I like to go short at 1.5544 when breaks 15 minutes shelf and will put my stop at 1.5595. ...

Let’s have a short analysis on my favourite pair CADJPY:

We can see a channel on four hour chart above and it bounced off the upper bond trendline with a nice bearish candle rejected from there.
Short positions here are good with targets 82.30, 82.07 and 81.84 as 38.2, 50 and 61.8 fibonacci retracements respectively. Stops should be above 83.00 level.

Read the original post here

Kiwi is exactly at the daily trendline and a great support level at 0.7400:

Though my technical rules say that long setups here would be good yet my last COT report indicated that kiwi will fall more.
So for this dubious situation we have to wait for some confirmations.
For short case, I like it to go short below 0.7400 and for long case I will buy it above 0.7468.
Aggressive traders could go long exactly here right at 0.7400 with stop at 0.7360 and 0.7560 as ultimate target.
As a conclusion if you want to go short, then wait for the trendline and support level to be broken and go short after a retest of 0.7400 level and if you want to go long wait for the shelf to be broken and go long above 0.7468. ...

EURCAD finally completed ABCD pattern in daily timeframe:

I expect it now to retrace a little bit and the target would be 1.3600 at 38.2 fibo retracement, but the Flag pattern indicates that the pair might fall to 1.3200.
You can have a review on my last tutorial for Flags and Pennants here.

I will wait for price action here to go long with tight stop and 1.3420 would be my profit target.
Wait for a H4 candle to close beyond 1.3373 and then go long with stop at 1.3352 and 1.3400 and 1.3420 targets for it.
If we had a bearish H4 candle that closed around 1.3300 then I will go short to see 1.3200 level.
I have to mention that current daily candle closed at a support level so waiting for ...