Yesterday I wrote about EUR/USD which is getting near a very long-term trend line and also 200 moving average. However, there are 3 more pairs which I am looking at not everyday but checking at the close to see how is going.
On the other hand, I do not recommend no one to trade scalping or day trade with this thin market condition, the market right now is not having follow through on breakouts and there are many false signals. So I only recommend medium to long term trades which gives us the option to use bigger stop-loss so we do not get end up off the trade because of a silly and false jump or slide.
Anyway, here are the other 3 pairs which I am looking at:
AUD/USD (weekly):
Very near 2010 low (0.8064) and also 100% fib extension. Also looking RSI is near the 20 line, last time he touched this line, we got a nice reaction! So keep 0.8064 in mind and lets see if we get any type of reaction in this zone. No trade in this pair, just watching!
USD/CAD (weekly):
USD/CAD had touched the H&S target (1.1639) which he formed between 2010 to 2012. Also in that area we have a channel line and 0.618% fib extension AND we can see very clear 5 waves move. Time for correction or reversal? I dont know. BUT we formed last week a evening star very beatiful but we need that confirmation which is a red candle this week at close. Another confirmation could be RSI breaking bellow the 70 line. To be honest, I think this one is my favorite at the moment because of so many things signaling bearish, so I am already short at 15 pips above the high!
And finally; GOLD (XAU/USD) (monthly):
Gold is showing 5 waves down very clear and had reached 0.382% fib from the high to 2008 low. Also we got a divergence on RSI (gold making new low but not on RSI). And most importantly, we closed last month with a Doji, but we need a good green candle this month to confirm that. For this reason, I am just looking and waiting for this confirmation before I go long.
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