Cleopiptra

The daily chart of the USD/CAD is in a distribution market cycle and this sets up an distribtion fade entry long off support. While I am sharing a longer term upside target in the chart below, there wll be resistance at a minor downtrend line at 1.0400 and a ceiling at the 1.0600 major psychological level.

Since the daily chart is strong, that bullish sentiment will be reflected by traders buying into the intraday pullback in expectation of a continuation of the uptrend. The market direction on the 30-minute chart is a narrow-ranging accumulation cycle, as confirmed by the one-bar Initial Trend reading.

It’s very likely that the intraday USD/CHF has found a sideways range to trade within as the Asian session approaches. The current market cycles on the 15, 3, and even 60-minute time frames indicate that the small move lower during today’s trading session leveled the short-term time frames out as the 240-minute and daily charts remain range-bound.

With the mark up cycle still intact, the 15-minute USD/CHF is weakening once again as prices test the 1.0550 level. This is the second, arguably the third such test in as many days…

After moving lower withing the Falling Wedge pattern and reaching support the support target along 1.4948. The GBP/USD has rallied and broken the resistance at 1.5085 and is currently looking for footing above the “00” major psychological level.

The USD/JPY has sold-off and transitioned into a distribution cycle which from my experience can be an *account killer* unless you make the proper adjustments to price movement expectation. Usually in distribution, prices will exhaust at near-term highs and lows

Taking advantage of the 1.5000 breakdown can be taken now on shorter-term time frames like the 15-minute. This way if the 1.4900 level is stacked with buying support the 15-minute is a short enough time frame that adjustments can be taken quickly.

The GBP/USD has broken lower through the major 1.5000 psychological level as the 15, 30, and 60-minute intraday time frames are showing a mark down cycle. The initial break accelerated through 1.5030.

The 15-minute GBP/USD has consolidated into a narrow trading range between resistance at 1.4787 and 1.4772 and support between 1.4729 and 1.4722.

Throughout Thursday’s U.S. trading session, momentum in the USD/JPY was key to confirming the rally in equities…