- Buyers attempted to break above the 4HR 200 SMA several times and failed.
- COT data remains ultra-bullish and is set up for a massive short squeeze.
- Look for buy setups should price clean break into the blue zone.
- There is a potential for a move back down to the August swing low before a strong push up from buyers.
- The Loonie continued to stay below the Monthly R2 pivot.
- Seasonally we see a CAD bounce from now till Mid – September. A clean break below 1.3220 could open up to more downside.
- There is still a possibility of a strong push up by buyers into the blue before a quick turnaround to the downside.
- BOC rate statement is scheduled for this Wednesday so we might not see much movement till then.
- GBP and JPY are at opposite ends of the COT data spectrum.
- Seasonally we see a strong bounce at the beginning of September.
- Price is at strong trendline support.
- Look for either a drop down to the previous daily low and trendline support before a strong push up or wait for price to clean break into the blue zone before looking to buy.
- After hitting strong resistance, sellers are starting to take over.
- Look for intraday sell opportunities keeping note of support levels marked on the chart.
- Look for ways to sell Dollar should price remain below the August 2019 swing high level.
- Sell Gold.
- Buy Equities.
- Sell JPY.
- Sell EURAUD, EURNZD and EURCAD.
- Buy EURCHF, AUDCHF and NZDCHF.
- Sell AUDNZD.