Price is currently reaching a make or break area. The double top formation on the 4 hour chart suggests further downfall however it ultimately comes down to NZD economy vs USD economy. NZD reported the nation is COVID-19 free which is promising for the NZD whereas the US-China tensions are likely to escalate.
Ultimately the MACD has crossed on a 4 hour timeframe...
Big downtrend instigated by Supply level, circled on the right. Down to a demand level, which started new uptrend with Higher Highs and Higher Lows consecutively.
Buying power has now pushed back into the supply level, unable to form a Higher High. It has now formed a double top and begun its downward phase. Just touching the 20ma aswell, and the MACD is...
G CAD reached a daily support level and i'm curious to see if it will break through this zone and retest before continuing to the downside or pull a reversal and shoot to the upside. no bets placed yet I'll wait to see what it does before getting in on a lower time from after price makes a retest.
USDJPY has been stuck in a tight range for a while.
107.000 Level is a key level of support which would be a great entry point depending on your bias.
We must be patient here but I expect volatility going forward.
My bias is to the long side however if the 107.000 level is broken we could see the 105.100 level
Lets see what happens next week.
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- We can see price following a bearish channel
- Liquidity zone creating volatility in the currency price
- Golden ratio 61.8% touch on daily LH to HL
- Bearish momentum based on HH & LL
- Impulsive movement pending
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FX:AUDUSD . I have entered a counter trend trade on this pair. Price has come up to the 6200 level which is a previous level of structure. After a massive rally up. If this goes in my direction I will trail my stop down.
GBP/USD May fall 80-100 pips
Insight - Price has pushed back up just below resistance at 1.2222 and support now at 1.2040 after forming a double bottom. Two touches at the resistance line after possibly a third rejection, this could mean more downside if entry for the sort is reached.
Intraday - 4H
Sell or Below 1.2040
with Covid-19 currently I'm being careful trading, reduced my position size
Possible sell set up, depends where the 1 hr candle closes. but I do see some strength coming back in the pound so may see a break
Depending on market open, we could see a gap to the upside to help gain a better entry. Im confident with recent price action for us to continue lower, as well as global macroeconomics to keep pulling us down. Wether we fall from hereat 1500 or peak at 1560 is not clear, but with that being said, if you scale in you short positions every 200 pips, you can increase...