- No major new highs since strong downtrend
- Retesting .72400 region
- False breakout may reverse price back into previous resistance
- May continue reversal from weekly downtrend at .73900
- Target 1: 0.71900
- Target 2: 0.71600
- Target 3: 0.70900
- Stoploss: 0.72350
Here we see two options;
1) a Long opportunity using the Ascending Triangle Pattern.
Here we will wait for an upward break back into the support line.
We then anticipate a rally up towards .72800 and prepare our entry and exit strategy.
2) a Short opportunity using the Double Top strategy.
Price retests resistance line twice but is rejected back to ...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=0.722.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=0.72.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of ...
Using support and resistance line I can see that the price is current trading within a range using its previous resistance as support. Target 1 marks the top of the range where slight resistance is expected.
While the price is above the support 0.7020, beginning of uptrend is expected.
We make sure when the resistance at 0.7445 breaks.
If the support at 0.7020 is broken, the short-term forecast -beginning of uptrend- will be invalid.
The RSI resistance #1 at 56 is broken, so the probability of beginning of uptrend is increased.
AUDUSD broke above its multi-month trendline yesterday and closed above on a much larger than expected trade surplus and also Chinese gov report they will support the economy with aggressive stimulus in a "do what ever it takes" approach. This positive news comes at a time when Asia Pac FX is extremely bearish and oversold without much in the way of relief.
Fundamental bias = Bearish .
Down trending sin Jan2019 mainly due to the slowdown in neighboring china. Slowdown in China began in advance of the US-China Tariffs, however the initial impact of the tariffs dented confidence globally adding to the effect. We've yet to see any impact of tariffs in hard China data, if anything in the short ...
Low objectives likely reached and therefore we are looking for upward expansion.
The high probability entry is once support is found above Mondays High.
Target Swing Highs to the left.
Original idea by Ribz
0.7160 is a major resistance, while this level is not broken, the Midterm wave will be downtrend.
While the RSI resistance #1 at 55 is not broken, the probability of price increase would be too low.
A peak is formed in daily chart at 0.7160 on 10/17/2018, so more losses minimum to Buy Zone (0.7085 to 0.7020) is ...
Based on 1hr/4rh exhaustion. Don't have time to draw all the trend line in now. But it looks like a good drop coming in. This could have been a retest of the high to continue the long term down trend , maybe a 0.5% to 1% decline on the cards. But put a stop above high so its a trade you wont lose much on. We can always reenter later on.
Once again price is testing the upper resistance trendline (red) of this bearish channel which started back in June. Yesterday we closed the gap (circled).
This is also a weekly resistance level so it is likely we could have a very nice short opportunity here with a target of the lower supportive trendline (green) around the 0.90500 price level.
We did get some ...
EUR/AUD, the monthly candle is extremely bearish after failing to break yearly high's, Breaking the trend line will open up many possibilities and even dropping back to 1.59. Since the 20th of August we have been in a bull trend, Three attempts at 163.550 and all failed.
Since July this year AUD/CAD is in an downtrend channel. Likely, it will touch 0.93 and go down to around 0.90-0.905. AUD had some up movement because of lower oil price. (CAD red line at currency indicator, AUD green line)