Cadjpy long #rookieanalysis
So looking at the monthly time frame this pair is looking quite bullish but please double check of course for yourself. What I see is that with the Fibonacci retracement you can see it corrected it’s last upward impulse right between .5 and .382 and is pushing back up so like I said seems bullish.
Looking at the weekly it’s showing the same thing as it’s on the monthly. Using the Fibonacci retracement it is showing it has nearly hit .5 but based on the trend it may test the .382 before going to the upside.
Looking at the daily…. You guessed it, using the Fibonacci retracement you can see the last impulse to the downside came back to test the .382 and is continuing to push downward.
So on the 4 hour this is where I see the points of support and resistance and based off of the data from the monthly, weekly, and intraday time frames I see these two ideas as being the most likely outcomes.
I don’t understand the commitment of traders fully yet so my analysis has 0 basis from that but if anyone wants to add that info on here in the comments then please do, as well as any advice you have for this analysis. Thanks, and I’ll see you again soon
Looking at the weekly it’s showing the same thing as it’s on the monthly. Using the Fibonacci retracement it is showing it has nearly hit .5 but based on the trend it may test the .382 before going to the upside.
Looking at the daily…. You guessed it, using the Fibonacci retracement you can see the last impulse to the downside came back to test the .382 and is continuing to push downward.
So on the 4 hour this is where I see the points of support and resistance and based off of the data from the monthly, weekly, and intraday time frames I see these two ideas as being the most likely outcomes.
I don’t understand the commitment of traders fully yet so my analysis has 0 basis from that but if anyone wants to add that info on here in the comments then please do, as well as any advice you have for this analysis. Thanks, and I’ll see you again soon
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