- Currently, price is testing left shoulder support if valid
- Previous swing high to validate the level
- Higher probability of upside potential
- Wait for break and retest
PLEASE SEE MY OTHER IDEAS AND RELATED BELOW
We could see a retest of previous resistance here at 109.25 followed by rejection and continued bullish movement.
Will look for:
- Rejection off of previous resistance
- Rejection off 61.8% Fibonacci level
- Bullish confluence among indicators
- In line with the current uptrend
- Bullish fundamentals
AUDNZD is resting a key level of previous resistance on the daily time frame.
A closer look on the 4H chart shows price hovering around a key 61.8% Fibonacci level.
We can see some nice bullish confluence on the 4H chart for a potential entry:
-Support on the trendline
-In line with the current uptrend and 200 day EMA
- Confluence among indicators
Possible long on NZDCHF.
Will see how price rejected at support on monday.
I don't particularly like where the 200 day MA is and it is not pointing to a clear trend direction.
Will be keeping an eye on the strength of this pair
The Pound index forming a bullish wedge on the daily chart after retesting support. Front running bulls have already entered low-risk trades tight on support but will the pattern hold? As a bull myself in the long-term, I am focused more on upside potential than downside; although downward moves are key to entering long. It may not happen now, but I am...
Possible long opportunity on EURCHF.
Buying at support where the price is holding.
- Going with the current uptrend
- 61.8% fib rejection level.
- Confluence among indicators
- Price action
Nice high portability setup.
EURJPY - has broken out of market structure with push toward a key level of resistance. (129.45) I'm waiting for the price to retrace towards the golden zone .5 or .618 (128.919 - 128.793.) I need price to respect this level before a buy.
4hr shows promise with price respecting 128.837 acting as a key level of support and price is holding above 200MA.
200MA invalidated my original P2 Theory on smaller TF of 45M. MA acted as support to hold price in the key 1700s supply zone. (So i'm still yet to take any positions)
The temporary purple supply zone at 1723 has become a respected level for both buyers and sellers. A lot of consolidation / sideways price action seems to have built up around this level. With...
As price approaches resistance levels above, what is next for Bitcoin?
An article over the weekend explained that Elon Musk has lost near 20Billion since his purchase of the cryptocurrency which has also had a negative impact on Tesla's stock value. Is or has the bubble burst? Are we seeing some short-term profit-taking that is pushing the price down? Will one...
The week ends with the market on the USD/JPY pair producing a high at 106.692. It approaches the weekly 50% major level of resistance with both a bearish divergence and a bullish convergence on the RSI, a conflicting information that induces us to think about a continuation in the bullish retracement of the previous weekly downtrend, but also keeping in mind that...
Still chance for continuation with the market providing a bearish divergence on the RSI, but still also a bullish convergence at least until the market either breaks under the low of the previous swing or manages to create a higher low but now with a bearish divergence. It seems the market manipulators are getting their short orders filled and then we'll be ready...
Just some ideas on the USD/JPY. Supply seems ready to push for a lower swing-low at over 100% retracement on the previous swing, entry could be at a lower swing-high retest on that move. If you like this short analysis, give it a thumbs up and follow my profile here on TradingView. Thanks! ^^