USDCAD Will Price Regains After Breakout? Welcome!
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Traders Disclaimer: Non of our analysis or trade setups which is shared here on trading view is a trading advice. As we keep on weekly updates with our predictions and expectations. We may take them as a trades only if trade setups meets the required criteria ( Confirmations ). We will never make a move or look back if trade setup invalidates with price action or future economical movements. Understanding the markets is the key behind all success stories. So never miscalculate under estimate anything which is out of your bounds. Take them at your own risk as trading is highly risky and you may loss your investments.
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XAGUSD Silver - Traps set again! waiting on fake USD fakeoutI have set two pending at key levels I want to see price trade back into before adding more Long positions on Silver.
Please be mindful we do have some news in the NY sesh for USD which is when i expect to see these levels run. Both of these positions offer great RR. Don't forget Silver is known for rape spikes so don't get caught with your pants down.
Here are some other relevant posts.
Yesterdays Silver Call which resulted in 9 x on Risk!
Also here is another post re another Silver play in the form of a CFD Silver miner play (up 11% today) offering a potential 64 x if full targets are realized. Please keep in mind this is a long term play I've been adding to for months.
Don't forget to click Follow to receive more free calls.
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DXY is on a Weekly Support Zone, Where we can Expect a Reversal
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Profitlio Trading ( Since 2014 in Financial Markets )
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Traders Disclaimer: Non of our analysis or trade setups being shared here on trading view is a trading advice. As we keep on weekly updates with our predictions and expectations. We may take them as a trade only if trade setup meets the required criteria ( Confirmations ). Unless we will never take them as a trade if it never reach our trading requirements.
Take them at your own risk as trading is highly risky and you may loss your investments. Our trades are based on Swinging and Mid to long term approaches. All trades executed will be handled under the name of Profitlio Trading only.
Elliott Wave View: Dollar Index (DXY) Ending Wave ((v))DXY 1 hour chart below shows that the index has continued to extend lower and can see more downside before ending wave ((v)). The index ended the cycle from June 30 high as wave ((i)) at 96.57 low. The bounce in wave ((ii)) then unfolded as a running flat Elliott Wave Structure. Up from July 6 low, wave (a) ended at 97.15 high. Wave (b) dip ended at 96.23 low. The index then extended higher in wave (c), which ended at 96.97 high. This completed wave ((ii)) in higher degree. The Index has since declined lower from that high.
Down from wave ((ii)) high, the index ended wave ((iii)) at 95.77 low. The internal subdivision of wave ((iii)) unfolded as 5 waves impulse Elliott Wave Structure. Wave (i) of ((iii)) ended at 96.44 low and wave (ii) ended at 96.70 high. Wave (iii) ended at 96.06 low and followed by a bounce in wave (iv), which ended at 96.25 high. The push lower in wave (v), which completed wave ((iii)) in the larger degree, then ended at 95.77 low. Afterwards, the Index bounced in wave ((iv)), which ended at 96.40 high. Wave ((v)) is currently in progress. Down from wave ((iv)), wave (i) of ((v)) ended at 95.73 low and wave (ii) bounce ended at 96.07 high. Since then, the Index has declined lower and broke below previous wave (i) low. While below 96.97 high, expect the bounce in 3,7, or 11 swings to fail for more downside before wave ((v)) ends. The 100% – 123.6% extension of wave (i) – (ii) measured from wave ((iv)) between 95.25-95.40 is the minimum target lower.
Where is the The DOLLAR Heading- USD Analysis and ForecastIn this video, I look at the future direction of the Dollar across the forex market.
Where is the dollar heading as a whole against all the other currencies?
Looking at the Dollar Index chart there is a clear direction. Let's find out.
If you like the video please hit the like button and also subscribe to my youtube channel for more videos.
If you'd like to understand the 10 Seconds to Elliott Wave Concept then follow the link in the description.
Fed manipulates dollar and euroAfter FED started buying American stocks (including junk American corporate bonds) SP500 became a zombie and so USD and EUR since Dollar Index / EURUSD are strongly correlated with SP500. You can see the artificial zombious SP500 build up, and the same replicated bricks in Euro. This is not "trading". Wherever FED decides to drive the stocks market, so euro and dollar will go. The entire forex lags after SP500 - www.researchgate.net
Dollar index: dragon patternI have been posting this gap breakout earlier but now, after adding half yearly opening range and A up pivot breakout, things become more clear.
Dragon pattern. Dragon head, 2 humps and now a long tail started to form. It will go up to the target and will draw waving dragon's tail-end there.
Look up for dragon pattern on google to understand.
For educational purposes.
Dollar might flyAfter applying half yearly ACD to Dollar Index a breakout becomes clearly visible..
In cases of of A pivot breakout on half yearly ACD , moves are often massive.
Triangle or pennant continuation pattern is visible at the A-pivot breakout level.
Price is likely to move the size of a pennant pole at least.
USDX - Gap breakoutUS dollar index. 4 hrs. Breakout OK. DM projection suggests it will end at monthly R1. Retest is possible but not guaranteed. The global demand for dollar seems to be high as it gaps above supply.
Top Absolute Correlation
1 USDX - USDCHF 85.0%
2 USDX - GBPUSD -81.4%
3 USDX - EURUSD -80.0%
4 USDX - AUDUSD -73.2%
5 USDX - USDRUB 72.3%
6 USDX - USDCZK 72.2%
7 USDX - XAGUSD -71.9%
8 USDX - EURCZK 70.9%
9 USDX - GER30 -69.9%
10 USDX - USDSGD 68.7%
Post-breakout pullback into FIB zoneI have been taking a look into dollar index and a strong push up is very likely next 2 weeks,
considering all the conditions of what happened:
1. Breakout of descending daily supply trendline (breakout candle - strong bullish, second post breakout candle strong bullish)
2. Trendline breakout retested (important factor: price stayed above the trendline after the retest - uptrending confirmed)
3. Classic pullback into Fib zone (50-61) and retest of last month roof R4 (March breakout level).
4. Demark breakout slingshot projection gives target near April R4 confirming the breakout and April camarilla levels. Also, April resistance CAMR3 coincides with 78 fib level.
In the Fib zone we do have untested missed monthly pivot - the question is if price is gonna test it? But then again - missed pivots mark the starts of strong trends.
At any case, push back under the trendline does not make much sense.
DXY Will Keep Melting Below 95.14DXY is on a huge crash over last week after two consecutive weekly growing. And still DXY is highly bearish biased so I expect the price would go below 95.14. Price has declined by 4.52% for the last week. The price is moving inside the two parallel lines as I have marked up on the chart.
DXY Elliott Wave View: Pullback An Opportunity For BullsShort term Elliott Wave view in DXY suggests that the rally from March 09, 2020 low is unfolding as an Elliott wave impulse structure. And shows a higher high sequence in higher time frame charts favoring more upside. While the initial rally to $98.81 high ended wave (1) in lesser degree 5 wave structure. Down from there, wave (2) pullback ended at $97.45 low. The internals of that pullback unfolded as Elliott wave zigzag structure where wave A ended at $97.64 low. Wave B bounce ended at $98.38 high and wave C ended at $97.45 low.
Up from there, the index rallied higher in another 5 waves impulse structure within wave (3). Whereas wave 1 ended at $98.44 high, wave 2 ended at $97.95, wave 3 ended in another lesser degree 5 waves at $102.37 high. Wave 4 ended at $101.54 and wave 5 ended at $102.99 high. Below from there, the index is doing a short term pullback against March 16, 2020 low ($97.45) in 3 or 7 swings before last push higher in wave (5) within the rally from March 09, 2020, can be seen. Afterward, the index is expected to do a pullback against March 09, 2020, low & should provide an opportunity to buy the index again in 3 or 7 swings. Near-term, as far as the pivot from $97.45 low stays intact expect the index to extend higher. We don’t like selling it.
USDJPY Almost broke the Monthly Structure. Will it Continue?Look at the monthly trend line the current candle hammered the trend line so hard. But only thing we need to confirm is where this remain broken or will reject back into the structure. USD getting stronger in this COVID tensions. Earlier today got something related to "Cash is King" money becomes powerful than all assets at the moment. Which means demand for Dollar increases. USD held as the common currency in many countries on all major transactions, debts, payouts etc. So at the moment money circulation is high ( Demand is High ). Understand the market properly and get the things work well. Thank you!