A short term long trade/counter trend trade on the 4 hour time frame taking cue from Stochastic bullish divergence and an inside bar at support and price hitting the 1.272 Fibonacci extension level. A possible pull back into previous resistance is likely where profits may be collected.
NZDUSD Made it's way into daily structure and put in a double top along with RSI divergence. This move is also accompanied by an ABCD pattern completion at the 1.27 extension. Looking for a move down near the previous low.
Using bearish divergence to build a case for reversal trading on USD/CAD with the following favouring a potential short scenario: - resistance (3rd touch) at ~1.2800 - bearish high test close below resistance - price reaches and closes below 1.272 Fibonacci extension level - Stochastic and RSI bearish divergence entry - below low of high test stop loss -...
Triangle breakout with 1.272 Fibonacci cluster resistance @ 2142
Case for entry short: bearish doji bar close; retest/rejection of resistance at ~1.5025; and 0.618 Fibonacci level rejection and close below entry - below doji close stop - above doji close target - ~1.4830 (weekly support level and also 1.272 Fibonacci extension level)