- 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
In this market, I have seen the market do into this downward channel and with that came lower lows and lower highs. I've added the entry point, stop loss and take profit.
The lower lows and lower highs can be seen more clear in the 1hr timeframe and smaller.
Descending channel plus lower low to lower high are being made so this indicates bearish move and also bearish triangle pattern is also formed as well.
That is 3 indications that this CFD will go bearish.
Seeing some higher lows on both RSI and MACD, with lower lows with price action. Also resting on a 61.8 fib retracement. Could indicate we're headed for a small upwards run before carrying on the downtrend.
Obvious reasons why I'm short here... Fibonacci confluences, market structure, fundamentals for both countries at the moment, descending channel.
Just waiting for that retracement to get involved.
CHART ID: 10003
NZD/CAD 1H Chart: Channel Down
The New Zealand Dollar is losing value against the Canadian Dollar in a short-term descending channel, which started to form after the Kiwi appreciated by 0.9% just in one trading session.
In the beginning, the currency rate was moving quite sharply amid macroeconomic data releases and, for this reason, stayed indifferent...
This idea follows on from a previous trade I have with this pair. The idea is linked below. It was shorting on the basis of a channel formation, however the channel formation appears to be broken so a new analysis is being undertaken.
I am looking to short this pair. A small range looks likely to occur this week. I've highlighted this range area I am expecting...
On H4 chart of GBP/JPY we have a very clear situation. Price falls in a descending channel , and subsequent corrections end in the region of the previous low. This makes the chart very technical.
Currently such a clear state can be spoiled by parliamentary election in United Kingdom, which may distort such legible quotes. As for the price action itself – we are...
As we can see from the chart, there was a good sell-off on this pair that led the price to move within this highlighted descending channel. Helping us with RSI and CCI, can be seen from the first one that has reached an oversold area from which the price often corrected and from the second that a divergence has formed. Otherwise, the highlighted area in green has...
USD/CAD – after yesterday’s rise, demand is clearly beginning to weaken. H1 chart shows very narrow consolidation. It takes place at top edge of descending channel . The wider trend is also bearish , so bears can make use of such large correction. In this context, you might want to consider short position.
This idea is also related to a 4 hourly chart I have linked below, showing bearish candlestick price action currently active, respecting the major resistance / previous price low / pivot area. Recently President Trump announced his budget, but this was not enough to push the USD above the major inflection point. In fact the pair appears to be taking major...
The range today was scoped between 8 and 9.25am. The clock on this chart is one hour slow for UK residents!!
But I am anticipating a downwards general trend following recent all time high and new structure low off that yesterday.
...partly wishful thinkin because I have a swing short. But there's been a nice turn yesterday with a new structure low from the all time high last week. The arrows are where I entered trades for about 20 points each.
If we get momentum then 1H break down for 8-9am range will be an option.
5min bar break down failed! The opening spike was probably too large...
the 5minbar break up worked this morning. we've ranged 30 points and 8-9am has scoped out a range that might stick. If it breaches then it looks as thought it will be upwards so I'll publish a 1H bar break up plan.
The USDJPY is in a bearish trend since the beginning of 2017 as suggested by the trend channel. The price has recently respected a long term 61% retracement at the same time as respecting the bottom lower channel of this trend at point A.
The RSI is also oversold. These indications suggest cutting long term short positions, but not necessarily going long as the...