Recap Multiple news shocks caused both Loonie and Aussie to swing wildly. This week is a good example showing that when the participants are more emotional, you get the more natural Fibonacci price level of 1.618. That happened in the beginning of the week when Canadian dollar rallied above Y+2. Ended the week however, down at our original target of Y-2 at 200% absolute range expansion.
Outlook The spike up in the past week actually give more fuel to the downside than helping the pair to find a decent bottom. Since this coming week will clearly be affected by news coming from US, it is best to stay off longer term trade on this pair and focus on intraday setups only.
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
Lawrence's Comment
Recap
Euro consolidated between Y+2 (the crime scene before the last flush) and Y-0 (wedge breakout support). Y+1 / 1.10 did not act as support hence no short term trend ...
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
Lawrence's Comment
Recap
ES FBO against Y-1 forced a run back up to Y-0. Y-0 resistance dropped ES back down to neckline of 1-2-3 buy on 30-min. ES rallied from that support ...
USDCAD Jul 18 to Jul 22 Outlook
Lawrence’s Comment
Multiple news shocks caused both Loonie and Aussie to swing wildly. This week is a good example showing that when the participants are more emotional, you get the more natural Fibonacci price level of 1.618. That happened in the beginning of the week when Canadian dollar rallied above Y+2. Ended the week however, down at our original target of Y-2 at 200% absolute range expansion.
Outlook
The spike up in the past week actually give more fuel to the downside than helping the pair to find a decent bottom. Since this coming week will clearly be affected by news coming from US, it is best to stay off longer term trade on this pair and focus on intraday setups only.
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