Hi traders, as you see gbpjpy is in big bearish flag pattern, price didnt break high of our impulse so this setup is still valid for me. Price break our trendline agressively so that indicate that price is lossing buy momentum and it might push lower. But in order to confirm that move we need correction so that our price action will be complete. I will wait for...
Eurjpy has been a strong uptrend lately. The catalyst to this strong move to the upside was the Inverse head and shoulder that formed.
Price broke the neckline of the IHS which also served as a level of resistance. Because price broke this level, it will now serve as support.
The break of the neckline caused price to create a new high (or higher high).
...
My current thoughts on NZD/USD
Multiple tests of resistance at 0.61000 which I think killed the bullish momentum for awhile. My thoughts is that is that the market will move down to test support around 0.59500
Impass - waiting for the direction -
- bearish view:
1 supply has been touched - suggesting that the move is to the downside.
2 Bearish head and shoulders - 4hour clearly emerging -
3 Pullback in order to carry on bull trend.
Bullish -
Trend is up - trend line for the 4 hour is looking to pullback to bounce off and head up to the next zone?
pullback to...
EURUSD bounced back before hitting 1.1500. Now is testing a local trend line, but I am expecting it to not hold bears pressure. I am expecting the price to continue dropping towards the 61.8 Fibonacci retracement before another rally.
