Looking at a move up to finish the cypher idea linked. Might get hung up around .73112 which is an area of teeter-totter in the past.
Just had a cypher complete around 0.7274. Watching this very close. It has overextended itself a little higher which can give us a better entry point for a better RR. However if it closes above the X of the cypher it will likely press even higher as this level has been major resistance in the past. If it breaks the resistance level it could drift up to .73 range....
Both counts are possible and both counts present a great risk/reward ratios (3.47 and 4.14) our stop loss should be few pips above the 12-October High. In the triangle scenario ,for wave (4), the price would go to 0.6695 which is the "wave (5) = wave (1)" target. And in the zigzag scenario ,for wave (4), the price would go to around 0.6550 which is the price...
My mood is bullish for that Pair. Basically due to fundamentals like cheap oil FX:USOIL , iron ore, coal and metals like copper FX:COPPER . Main consumer worldwide and in this region is China. China's economy is slowing down after years of +7% growth. www.tradingeconomics.com www.tradingeconomics.com One of China's big supplier is Australia....
Previous TP Already Hit (300 Pips) However New Buy Op From The Break Above Key Short Term Resistance At 2.168 Next Target Would Be Key Daily Resistance At 2.211 CONFLUENCES For Next Buy Op PA Above 20,50 & 200 Ma Both Short & Mid Term Key Bearish Structure Within 240 Chart Broken Double Bottom Formed At Daily Chart Short & Mid Term Momentum To Upside Gold Also...
commoditie currency as been very bullish lately push up mostly imo by the oil retestin the dollar mark , but I think that for now the runb is very much over extended , overbought and the sustain pull back turning the r3 into support only to go back into overextention without being able to go above the 0.735 0.74 area is clear enought sign for me to go back short...
Confluences: 1/ trend 2/ 50 ema bounce 3/ doji 4/ deceleration 5/ fib play 61.8% 6/ Bullish MACD 7/ 2.145 as support Took this trade last thursday ( Sept 17 ) but again because of this pullback today, 400 pips are still on the table, 170 pips are currently in profit. I see this pair go to 2.20