Блог Jignesh

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Commodity Currencies seen Strengthening against the Greenback

The Dollar Index was under pressure today, dropping to 95.50. Among the Majors, the commodity currencies were seen gaining the most against the greenback.
Among the Commodity instruments, Silver was seen continuing its bullish momentum. The instrument reached a high of $21.09 before pulling back. Silver was last seen at $20.04 for a gain of 1.6%. Gold has continued to diverge from Silver, and gains seen in the yellow metal were limited to 0.73%.
Oil prices were seen declining, WTI was last seen …
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VictoriaVika avatar
VictoriaVika 16 Нояб.

Good :)

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Oil reaffirms it's bullish Trend

Oil has broken to new highs reaffirming the bullish trend. Below is a chart
The upside has carried some momentum, which is showing in the Canadian dollar which slid through the 1.30 and reached a low of 1.2743 today before starting to pull back toward the 1.28 level.
We may see a bit of pull back in the Cad crosses as oil consolidates near previous highs, which can offer a setup to buy the CAD on dips.
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Saudi Arabia Comments Boost Oil - Sharp sell in USDCAD

The USDCAD has been enjoying a nice strong bullish trend for the majority of November.
Today we received comments that Saudi Arabia has agreed to cooperate in efforts of stabilizing oil supplies.
The big push lower in oil, has largely to do with supply and demand, finally Saudi, one of the most influential members of OPEC has stepped up and made a commitment that will in turn assist in the slow down of the sell off we have witnessed thus far.
The initial news caused a bit of a rally in Oil, whic…
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USD Catching a strong bid at NY Open

The USD remains strong to start the week as New York bid up the Dollar strong at the open.
According to Bloomberg the market is now pricing in a 70-75% chance of a rate hike at the December meeting.
USDCAD has been quite strong, the chart below shows it trading within a 1H Channel up, which offers some potentially low risk entries to climb on the USD Bull train.
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USDCAD up against resistance confluence

The USDCAD has been showing strong upside momentum for the last two weeks, but momentum was seen slowing down up against a resistance confluence area on the daily chart.
The chart below shows a combination of trendline resistance, channel resistance, as well as the 61.8% Fibonacci level from highs to lows.
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USDCAD Struggles at Major Monthly Resistance

Overview
USDCAD Has been struggling to take out Major Monthly Resistance since it first approached the area at the beginning of the year. The USD being in a long term uptrend caused the pair to consolidate in that area for several months. The month of April however, has shown an engulfing Monthly Candle which supports the idea of a larger pullback taking place.
Levels
1.2797/1.2800 - Jan 2015 Highs / Monthly Resistance (Late 2008) / Monthly Resistance
1.2475/1.2525 - Monthly Channel Upside Resis…
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Jignesh avatar
Jignesh 14 Май

The fib levels from (x) to (a) has a confluence at the 23.6% fib which comes in at 1.2007.  That area is a technical level which has been marked above and is also the target for this analysis.  That will be the first area to watch for to the upside for a rejection and continuation of downtrend.

Jignesh avatar
Jignesh 15 Май

The retracement has continued today.  The important level 1.2007 also the 23.6% retracement was taken out in early trading.  Upside Fib targets are now the 50% fib at 1.2050, but it is more likely that we see the 61.8 Fib level at 1.2080 before the selling resumes to complete the final leg.

Jignesh avatar
Jignesh 20 Май

The retracement has continued higher with fairly strong momentum as well.  Today the pair is capped by it's 88.8% retracement.  This level is the last level to hold, if it does not, the existing count would be invalidated and a revised count would need to be looked at.

Jignesh avatar
Jignesh 20 Май

The 88.8 fib comes in at 1.2242

Jignesh avatar
Jignesh 22 Май

USDCAD has been holding at the 88.8 Fib.  Today has several fundamental risk events that can add some volatility, and will be looking for a move down here to confirm that this area is in fact holding and we now continue the downtrend, and mark this wave as (b).

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USDCAD Plunges on a Dovish Yellen and Hawkish Poloz

USDCAD has sold off over 100 pips immediately after Poloz talked about not cutting rates further
There was a large expectation to see Yellen Hawkish in her testimony today. The idea was that the NFP numbers that came out after the minutes would change her view point. But here is an excerpt from the minutes released last week that would have provided a clue that jobs was not the focus, rather inflation -
Nonetheless, several participants saw the continuing weakness of core inflation measures as a
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USDCAD - Gartley to Crab

The USDCAD, One of the more bullish pairs during USD Weakness is once again in a harmonic pattern.
Yesterday there was a Gartley Pattern in play, which did play out and caused a down move of over 70 pips.
The same pattern has not turned into a crab pattern as it shows a reaction against the 4H Trendline and 161.8 &224% Fib extensions
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CAD Futures breaks to new low

Recent news relating to Oil has sent the Canadian dollar down sharply. The Cad futures contract consolidated a bit prior to breaking to new yearly lows, but is once again looking extremely bearish.
For the month of November CAD looked like it had made a low and was showing decent momentum to the upside, but will continue to look for short CAD trades for the remainder of the month as it has not broken support.
The trade that stands out the most is the USDCAD, but may be difficult to chase as it's…
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Trade Summary for the week

If you've been reading my blog, you'll know that I've been bullish EUR.
It seems that EURUSD is in some kind of a triangle, and although I expected the move up today, and am expecting it to break out of the triangle, I've once again had to close my positions to avoid the weekend cut off.
The thing about triangles I have found, is that they can be extremely frustrating to trade, unless you can get ahead of them. On my real account, I got some excellent entries and essentially was holding 3 positi…
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Bimlesh avatar
Bimlesh 15 Авг.

lots to learn from you :)

peachynicnic avatar
peachynicnic 15 Авг.

well done :)

Olga18375 avatar
Olga18375 15 Авг.

yes, Bimlesh))

Jignesh avatar
Jignesh 15 Авг.

Might be too soon to say that, I was calling for a move to around 1.3515

VikaChechenkova avatar

I agree with you)

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