Projections, Extensions and Probabilities

When You Snooze You Loose

Daily Chart of the 1.27 to 1.2850

US-Dollar Long Bias, and CAD short bias (flexible)

• Points of Interest on the Bullish Nature of this Recent Trend
• Turning the corner, completing Fibonacci Retracements
• Balanced Approach
• Ready for Either Direction with Milestones

Points of Interest; The Bull Side and Bear Side

When I was writing about this currency pair days ago, I wrote that I could anticipate a continuation of the bullish move after making a decent enough of a pullback, yet 1.2753 was good enough to create a base of support to rally into today's session.  

The most obvious trade would be a long position going to 1.29083 (within reach) so we expect that to be tapped within a day or so but time will tell

The Fibonacci Levels Were Met

The retracements drawn a few days ago came to fruition, all of our goals re: the pullback was met so we expect the upward direction to pick up momentum and at another point in the trend we'll redraw fibonacci retracements. 

Balanced Approach

We are turning more bullish on the US-Dollar and more bearish on the Canadian Dollar; what we anticipate is a break out of the zone between 1.27 and 1.28 and the establishment of a new trading zone where prices bounce back and forth between the 1.29 and 1.33 territory, the rest of the trade logic would deal with milestones

Directional Order Placement (Chart notes)

What we have noted as shelves "mini shelf, shelf, and Shelf A" are the areas in which we expect to see stalling, if the US-dollar gets overheated and needs to calm down then it would be a good idea to taper off the long position.  

Each of the bullish objectives are (yellow zones)

• 1.2908
• 1.2991
• 1.3093
• 1.3319

If things go the way we don't expect then (deeper green zones)

• 1.2753
• 1.2538
• 1.2259
• 1.2122