With the new week already underway, today will be brief but concrete – three different currency pairs and three trading opportunities. One picture is worth a thousand words – so today I will limit myself to a few sentences supported by charts. For someone familiar with the assumptions of my strategies, especially Price Action+MACD, it will not be a problem to guess what move the market may make in the near future.
EURUSD – bullish engulfing under the supply zone
Let’s start with the most popular EURUSD pair. Here, one look at the chart and we notice bearish engulfing formation, which is usually the beginning of a downward correction. Statistically speaking – the probability of declines is higher than of increases. Declines are supported by a declining MACD.
GBPUSD – bearish engulfing and downward divergence
On cable also a bearish engulfing, price breaks out the bottom starting a corrective swing. A downward divergence appears on the oscillator. The downside range may be limited to support at 1.2280 or lower at 1.2190. Ultimately, the pound after this correction may move higher towards 1.2665 where there is a strong support/resistance level that has been respected for 2 years.
EURCAD – head-and-shoulders formation – H&S formation
On this pair ( EURCAD) bearing in mind the likely declines on EURUSD, a scenario typical of reversal formations may be realised. The regular head and shoulders and the just-beaten its neck line may lead to declines towards the nearest demand zone – 1.4560. Tomorrow at 14:30 we will know the inflation rate in Canada – this data may clarify the situation on this pair.
LIVE EDUCATION SESSIONS
This WEEK (17-22 APRIL) I am pleased to invite you to several online sessions. Below is the schedule of meetings:
Links: BASIC (beginners room) ADVANCED ROOM
The above analysis is based on the PA+MACD strategy, a detailed description of which you can read HERE . I will talk more about the PA+MACD strategy applied to these currency pairs during the live trading sessions which you can attend from Monday to Friday.
More current analysis on the group : Trade with Dargo
In our Facebook group, which you can join anytime: https://www.facebook.com/groups/328412937935363/ you will find 5 simple strategies on which my trading is based. There, every day we post fresh analyses of currency pairs and commodities. You can also visit my channel where I post my trading ideas: https://t.me/TradewithDargo
