Welcome to my trading journal update. I hope you are doing well and making a good profit from the price actions of the market. We can see that a sharp move in the US index rate will lead to a drop in price, forecasting a possible recovery of the previous immediate support below 113.40, which would be a strong revolution for sellers. At the same time, successive divergences could print the next resistance below 112.60. If the bullish reverses and forms an upside engulfing pattern, it will accelerate above 114.80, then the bears may be out of the way and open the door for the bulls to hit possible resistance at 115.60. The current situation will likely give a negative reaction, and high-impact news data will also challenge the bulls on a sharp move in the 112.00 range. Closed trades:
Yesterday, I had buy trades running on the USDJPY pair, and the moving price will give upside correction with crossing the bridge of new horizons above 144.70, which will be a strong revolution of buyers and additional growth possible to testify the middle band around 145.60. I decided to close all these positions with a massive profit of $16 and get an additional confirmation in the US session above 145.90, then take additional trend direction risk and set the existing target in a massive swing over a range of 146.50. On the other hand, if sellers rebound the price, then short-term oscillator clouds may break out the middle trendline of the neutral base at 143.34 ahead of surpassing the moving average lower descending channel at 142.00.
Today News Events:
Today, the "CB Consumer Confidence" high-impact schedule for the USD currency and this major news event will fluctuate the US index and related currency pairs. USDCAD TRADES OVERVIEW:
USD/CAD prices are hovering around 1.3690, and we can see the last resistance breaking above the 1.3750 resistance level, which would confirm the bullish trend resumption, a pullback reversal correction or a possible break above 1.3850. I decided to open a position based on the current market trend and get an additional confirmation signal within a specific range of 1.3830 before breaking the weekly and daily pivots at 1.3896. On the other hand, if the bears suppress price declines and high-impact news data will respond to bears breaking below 1.3500, the bulls could be wiped out entirely, and a downside convergence could resolve immediate support below 1.3433. Short-term investors need to scalp; overbought conditions could lead to a short-term downside correction of around 1.3370 before reclaiming buyers around 1.4000.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade