USD/CAD - Symmetrical Triangle in Monthly Chart

[The5ersTF]

USD/CAD price performed a symmetrical triangle pattern on the Monthly chart.
The price range becomes very tight, it seems that very soon the price will have to pick a direction and to break the pattern.
It is very rare to find a triangle pattern on the monthly chart,
If the price will break the pattern toward up I'll look for a price action setup to buy USD/CAD .
If the price will break down the pattern I'll look for a price action setup to sell USD/CAD .
The demand below on the monthly chart is the target for the sell position,
The supply above is the target for the buy position.
The demand below on the daily chart is still inside the pattern and therefore it riskier to trade it, but it's still a level with potential
For good trade.
This is a long term analysis for the USD/CAD .

 

[The5ersTF]

Weekly trade idea on GBP/JPY.​

Week: 23-27.05.2022​

Weaker PMI's and Retail Sales.​

GBP has been producing some weaker data as of recently and I expect it to continue. The BoE have hiked their rates for a 4th time but have signalled there is less to come. This idea has been forming for weeks now and the bullish power is clearly weakening.

JPY on the other hand has had a recent re-evaluation after the steep runs. Potential profit taking moving the market. Rising rates and the central bank's level of hawkishness could drive stocks lower, therefore driving the JPY higher.

Key Levels:​

• Resistance 161.300
• Support 158.800

Trend GBP/JPY.​

Bearish

Overall trend recently has been to the downside on the pair, I think this trend will continue into the near future and break lower lows as it moves.

Call to Action/Trade Idea​

Wait for a break in trend line and a fair value price to enter short on this pair for the short term future.

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[The5ersTF]

Weekly Forex Analysis May 30 – Jun 3, 2022

We have discussed the DXY, and we expect it to slide down for the following week into his next liquidity zone, around 99.

The situation in China has been better, as they opened back their economy this week and allowed transportation again. This has led to an important push in Oil and US Indices.

This strengthens the fundamental short-term movement on the Dollar. Regarding Gold, some move on the upside can be expected as the commodity sector continues its bullish movement, and a hedge against inflation is essential.

We have continued our analysis on the EURUSD, GBPUSD, and NZDUSD.


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