Price has moved in to a key area on the higher time frame which suggests that a pull back or trend reversal is likely. A double top in the key area, as well as divergence on the 30, has caused me to believe the trend will change to the opposite direction.
A very interesting area for gold, I want to see clear rejection from this area, ideally the 78.6% Fibonacci before taking the long trade up. I will be updating this trade on my free telegram:
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Real simple stuff, price is making lower lows and the RSI is making higher lows. This is regular bullish divergence to the upside.
Not only that price has rejected the support we are currently at and also the trend line.
Looks like a beautiful set up.
Come catch this trade with me and many more👇🏻👇🏻
EURJPY Sell Analysis: EJ has been in a downtrend since early 2014. On the 5th June 2020 we saw the pair make a new Lower High. Ever since then we have seen bearish movement towards a new lower low.
On the 5th June, I saw the following conditions which makes me believe price is heading towards a new lower low;
-Descending Weekly Trend Line - 2nd Touch
USDJPY Buy - Entry off of double bottom formation with divergence and TDI hook below 32.
- Stop loss below the formation by 10 pips
- Entry at RSI (green) Signal line (red) cross
- Divergence on TDI
- Bullish cycle
- Exit TP 1 @ days initial high
AUDUSD Sell Analysis: The Ozzy Dollar has been in a strong downtrend since 2013. We have however, seen a retracement since mid March 2020 as it forms a new lower high. Following this retracement, I am expecting a new lower low.
I got in on this trade two weeks ago now but my entry was a little premature and since entering I have rode the pairs consolidation...
We are now at an extreme low, this pair has only been around this sort of level 3 times in its history! So that being said when I spotted price making lower lows and the RSI making higher highs I was just waiting for an entry. On the H1 time frame we are now creating a support area. Looks like a great trade setup 🔥
. 200 and 50 day SMA crossover soon
. Indication of a price reversal
. Second confirmation: OBV divergence
. Double top on 15min time-frame
. News could have effect on price action however supply zone is on site and resistance remains strong
. Expect short position to the downside in 4H timeframe
. OBV indicates divergence
. Supply zone targeted, so more sellers enter market
. However if resistance breaks, possible continuation to the upside