Cable Traders Journal

I have decided to keep an online journal in addition to my written journal, these are my own opinions, feel free to comment.

AUDCAD opportunities for next week.

Daily price action rejecting off the 50 EMA, shooting star formation in play, also wick rejection off daily 61.8% fib.

After stronger than expected Canadian unempolyment numbers. A break below 0.8950 level could lead to further downside moves into previous swing low and monthly support level, and beyond to -27% fib and -61.8% fib and monthly support level.

Will watch 4 hour time frame for a break and retest of 0.8950 to look for short opportunites.

AUDJPY has broken above the daily 50 EMA also coming off of a higher low, will watch 4 hour price action for a pull back to engage long, for a potential move to daily outer structure descending trend line.

AUDCHF similar to AUDJPY, price has broken above daily 50 EMA, coming off a higher low, will watch 4 hour time frame for a pull back to engage long, for a potential move up to monthy resistance level.

AUDNZD has been trading between the daily 18 EMA and 50 EMA and has broke above the daily 50 EMA today, will watch price action for a potential trend line break and move to the upside, or if price breaks down, will wait for a move below the 50 EMA for potential move to the downside. Overall price is in a large daily range signified by monthly support and resistance.

AUDUSD has traded up to the daily 50 EMA coming off of a notable support zone. Will see how price reacts at the daily 50 EMA and this is also at daily resistance. Will watch 4 hour time frame for a break and retest of this level for a possible move to the upside to the outer structure descending trend line.

CADJPY has made a strong move up, fueled by todays better than expected Canadian unemployment numbers, and Yen weakness. Price is coming off a higher low and also made a higher high. As price approaches the monthly resistance level will watch for a potential pullback. Will look to the 4 hour time frame for a pullback into the recent swing high that could become support for a continued move to the upside.

EURAUD has been trading sideways for a couple weeks, putting in what could be a double top at a monthly resistance level. Price is currently at daily support and at the 18 and 50 EMA's. Will watch for a potential rejection of this area, or a break below. Price will need to move above monthly resistance before longs can be considered, or below the ascending trend line before shorts can be considered, will wait patiently for one of these scenarios to develop.

EURCHF has broken above a recent swing high creating a higher high, also coming off a higher low. Currently trading in the middle of the monthly range and in the middle of a descending channel. Will watch price action on the 4 hour time frame for a pullback into the recent swing high that could act as support for a continued move to the upside, targeting the monthly resistance level and descending trend line.

EURCAD has rejected from the 1.4700 zone multiple times over the last several weeks, also trading below a descending trend line and most recently broke daily support. Looking at the 4 hour time frame a retest of the 1.4583 area and rejection could lead to shorting opportunities down to the 1.4480 area.

EURGBP has had a huge sell of breaking an ascending trend line and closing just below a monthly support level. Will let price action settle down and see what develops after this move, I would suspect a move back upto the middle of the monthly supprt and resistance range, which would also be an approximae 50% retracement of the recent swing high and the currrent low if it holds.

EURJPY has rallied into an area that has rejected price previously. Price has come from a higher low. Price can either reject this area or continue to make a higher high, there is also a descending trend line in play here also, a rejection from this zone could move price lower and keep it inside the overall descending channel. An overall move higher would require a break and retest of the current resistance zone and price to move outside the descending trend line for this to happen.

EURNZD is trading just below a monthly resitance level and the top range of an overall ascending channel. Price is curretly being squeezed in this area and can be seen with the wedge pattern develping. I will wait to see what direction price breaks from this wedge pattern. For long opportunites price would need to break above the current monthly resistance and retest for a continued move up towards the next monthly resistance level. For downside moves, price would need to break recent support and the daily 50 EMA and retest for a move down to the ascending trend line.

EURUSD has broken above a descending trend line and approaching the recent daily swing high. For long opportunities I would need to see a break and retest of the recent swing high for a potential move back up to the monthly resistance level and descending channel trend line. For short opportunities I would need a break below the ascending trend line and mid monthly support and resistance level for a potential move down to the monthly support area and descending channel trend line.

GBPAUD has rallied to the upside creating a higher high and coming off a series of higher highs and higher lows. Price rallied up to the monthly resistance and closed just below that level. From here I will wait for a pull back, possibly into the area of the previous swing high, and that resistance could become support, and we could see a continued move back to the upside, targeting the most recent swing high and further targeting the outer structure ascending channel trend line.

GBPCAD has rallied and taken out the previous swing high, however price rejected off the ascending channel trend line and closed just below to 200 day EMA. Strong Canadian unemployment numbers came out Friday and caused a pause in the rally and a bit of a retracement. I will watch to see how price reacts at this level, we could see some sideways price action here. For longs I would wait for a pullback and rejection from the 1.6538 area. For short opportunites I will wait for price to break below the ascending trend line and monthly level before looking for short opportunities. This charts has a bit of a double top feel to it, even though it's not technincally a double top, so I will watch price action closely here to see what plays out.

GBPCHF has rallied and cosed above the previous swing high, the montly level and the 200 day EMA, I will look for a pullback to the monthly level and a rejection to look for long opportunities.

GBPJPY has rallied creating a higher high and coming off a higher low. I will wait for price to pull back to the area of the previous swing high and the monthly level, look for a rejection from this area and a long opportunity to take up to the next monthly level and the ascending channel trend line.

GBPNZD has rallied and broken out of a longer term descending trend line. Price has paused at a level of previous resistance and forming what could be a double top. For long opportunities I will wait for a break and retest of the most recent swing high for a potential long up to the next monthly level. For possible short opportunities I would need to see price break below the most recent swing low and the 50 EMA before considering short trades down to the monthly level and ascending trend line.

GBPUSD has rallied creating a higher high and coming off a higher low. Price has closed just above the monthly level and the 200 EMA. I will watch price action at this area for a pullback into the monthly level and a rejection that could lead to potential long opportunities up to the overall descending channel trend line. For short opportunities I would need to see a move outside the ascending channel, and a break and retest below recent swing low support, for potential short opportunities back down to recent lows.

NZDCAD has broken to the down side after multiple wick rejections from the 0.8420 area and broken recent swing low support. I will wait for a retest and rejection of this area to look for shorting opportunities down to the recent swing lows.