Nice little rising wedge forming with resistance around 1.28477, also candles are weakening at the top of the wedge.
Would wait to see if it breaks the resistance although I think it will.
Afternoon traders,
After a big number on US Non farm payroll data surprised the market on Friday and threw the market into doubt over whether the US central bank, the fed, will cut rates at the next meeting giving the US dollar a bounce in strength into the weekend against market expectations. We are looking at a long setup in USD versus Canadian dollar with the...
Now EURAUD is a pair I have come to build some what of a love hate relationship with over the past 6 months. Previously taking shorts at a similar level in January before being annihilated by the flash crash. Luckily I did re enter and caught a lovely 500+ pips. Anyway that's besides the point, currently we are back at this huge resistance zone, where we saw daily...
Daily
Deceleration approaching key resistance at 112.000, but back above the Daily phase line.
- Above the 20/50 EMA Wave after falling below trapping sellers into the run
- Doji at Daily resistance
- Potential for a pullback down to 111.000
NZD/USD has been bullish as of recently so we follow trend continuation.
We are currently in a corrective state, but approaching structure levels.
We see a trend channel that price is following, so if we continue this channel we should expect movement to the upside since we just finished a corrective wave.
We can also see a large bull flag formation. If this...
GBP/AUD could see a bearish reversal as price seems to have rejected the daily resistance level of 1.8185 and as a result forming a dragonfly doji on the H4. Along with the early hours of today where price failed to break this key area of resistance yet again.
There is bearish RSI divergence occurring on the H4 which suggests the strong bullish momentum could be...
Daily doji formed below 200 sma line followed by bearish confirmation which is also bigger than the previous bull bars. Stochastics in overbrought area. My only concerns are that there is no fib support/resistance suggesting that the trend is still going to continue up rather than dropping. Will look for 4hr and hourly bearish action to enter short provided the...
On the 4 hourly chart we see resistance with the long tails / Dojis in the candle price action. They appear to be respecting the Major resistance line which has previously been a major Pivot or Swing line. A lot of selling activity and short positioning may be occurring here. This might be reinforced with the poor US Economic fundamentals, poorly received Trump...
Here I have spotted 5 doji candlesticks in a row which may result in a strong bearish or bullish move. I have seen a strong bullish candlestick so I will wait for further confirmation (current hour candlestick) to enter a long position possibly. I don't believe a strong retracement will take place due to the indecision prior.
Ok there seems to be a lot happening to back up a short.
RSI Divergence
Reversal candle
Falling volume
Previous support acting as resistance pushing down on price
This setup has occurred several times in the past and every time it falls around 15% this would take us to the major trend line and 78.6% fibs.
All in all this is looking like a good setup, wait for...
