The chart shows either a wedge (broadening descending) or a parallel channel. It is important because the former more times than not is an indication of probable reversal northward. The latter (the channel) creates more probability for the south.
As many will know much of the volatility in the last few days has been related to the US-China trade talks and...
Well, well - I have to thank Mr Trump for breaking the news that he's gonna raise tariffs on China about an hour before the open of the markets last night. The DJI and loads of other markets took a dive. I'm short of course, and trailing a 2H ATR trendline. On open of the markets there was a gap down of about 430 points. Never before have I seen anything like this...
GBPAUD has retreated from a major breakout north down to a key ATR support level. This creates probability for the north. But caution - for every probability estimate in one direction there is a residual probability in the opposite direction.
The seemingly improbable happened today. The bulls on Wall Street pumped north up to a key position on the weekly time frame. This is now an invitation to a whole loadah bears. Key positions on the weekly are likely to affect what goes on on lower time frames.
There are several tips which are showing that NZD could rise against JPY.
1. There is a gap which has not been closed (6-th May)
2. MACD lines are approaching each other
3. Parabolic SAR is ready to reverse
Technically the pair is moving sideways (flat). But there can be a breakthrough up.
My analysis is based on a stuck in the box type formation which has taken place on a D1 chart. With many attempts to breakout it has found a very strong resistance, we have had a false downturn take place today with a retest to the top. What i think is going to happen here is it may even retest and break this key level, but with NZD news coming which is...