Swing Trading ideas - page 46

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GBPUSD stays below a falling trend line on the 4-hour chart and remains in the short term downtrend from 1.2975. As long as the trend line resistance holds, the downside movement could be expected to continue, further decline to test 1.2788 support is possible. On the upside, a breakout of the trend line resistance would indicate that the downside movement is complete, then another rise to 1.2950 area could be seen.
 
CADJPY : A possible bullish pattern is visible on the Daily time frame. The blue bullish pattern still needs to make a push lower to complete point D at the BC 0.50% Fib. retracement level where CADJPY can possibly bounce higher from. If price extends higher above the AB 2.24% Fib. level before reaching the BC 0.50% Fib. level  then the bullish pattern is invalid and BUY setup is cancelled. If looking to trade CADJPY traders should be patient and wait for price to make a move lower towards the minimum BC 0.50% Fib. retracement level. Waiting for price to hit the BC 0.50% Fib. retracement minimum will offer a better risk/reward trade setup. Traders will also need to watch if indicator and price forms a visible bullish divergence. A bullish divergence will add more confirmation that the pair can reverse and bounce higher. Blue bullish pattern is invalidated if price moves below point B of the pattern but for this BUY trade setup Stop Loss will be placed at the previous Higher Low (79.81). A break below this level stops the Higher High/Higher Low sequence and will signal for more possible downside. If price bounces higher then watch for green target levels to hit. We remain bullish for now and we expect for the pair to extend higher towards the 84.50 area.
 
USDCAD broke below the rising price channel on the 4-hour chart, suggesting that the upside movement from 1.3114 had completed at 1.3270 already. Deeper decline to test 1.3212 support would likely be seen, below this level could take the price to 1.3160 area. Resistance is at 1.3270, only break above this level could trigger another rise towards 1.3300.
 
EURUSD extended its upside movement from 1.0989 to as high as 1.1056. Further rally would likely be seen in a couple of days and next target would be at 1.1100 area. Near term support is at 1.1030, a breakdown below this level could trigger another fall towards 1.0900.
 
USDJPY stays in a rising price channel on the 4-hour chart and remains in the uptrend from 106.48. As long as the channel support holds, the price action from 109.48 could be treated as consolidation for the uptrend, another rise towards 110.00 could be expected after the consolidation. Key support is at 108.23, only break below this level could bring the price back towards 107.50
 
USDCAD broke above the falling trend line on the 4-hour chart, suggesting that the downside movement from 1.4048 had completed at 1.3314 already. Further rally would likely be seen and next target would be at 1.3850 area. Near term support is at 1.3575, a breakdown below this level could trigger another fall towards 1.3450.
 
USDCAD stays in a trading range between 1.3849 and 1.4348. Resistance is at 1.4348, as long as this level holds, the fall from 1.4667 could be expected to resume and further decline to the rising trend line on the daily chart is possible. Only break above 1.4348 resistance could trigger another rise towards 1.4700.
 
Keep eye on GBPAUD.....BULLISH SETUP 
 
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