AudNzd formes an inverted head and shoulders, then rejected the neckline...
Price now appears to have formed a bearish triangle and could possibly break out on the 4h time Frame..
I am considering a short position if price breaks out
Price is clearly stepping down, it baffles me that people are still trying to fight the trend with a whopping 71% net buyers on this pair according to the IG client sentiment data. The trend is your friend, bears are in until we see a structure shift occur and we see some of these structure levels marked getting broken and begin acting as support.
We can see price has moved very impulsive since the Breakout of the ascending TL, however we are now in an area of interest, we have to 50% fib level, previous lows acting as resistance, we can see a double top and a bearish wick candlestick to confirm this entry. The only timeframe this doesn’t look good on is the 15m, however these higher TF’s are much more...
This is not a trading signal just a trade I analysed and put onto to my watch list and could potentially go my way.
Always wait for a entry point before you press the trigger button.
Please feel free to like , comment and follow.
CADCHF in downtrend I have fibbed from last push down to the pull back hopefully will pullback and retrace off the 61.8% fib level which would be another touch off the trend line or could possible see a reversal from previous major support level 68800??. ive only just started and would be appreciated if someone could tell me if this analysis is good or bad and...
We are at level 1 in the market cycle so I'm expecting a drop to level 2 at some point this week.
Look out for GBP news this Wednesday!
NOTE: This is just what I see, it doesn't mean it will happen! Please DO YOUR OWN ANALYSIS before entering any trade.
All the best
We saw a decrease momentum in the downtrend.
after a series of LH LL LH LL , LH and Higher low
With the formation of a new Higher high , the scenario is confirmed
If the new swing High was created below the Violet line, the uptrend scenario will not be valid.
we are going to run plan B.
thanks for you like and comments
It's explained above.
To back up my points, AUD/CAD has been in a downtrend on the monthly chart for a while now, and the last few months have seen a lot of bullish momentum, more than anything this is a lower high that will form on the monthly and it will be the start of the continuation of the original downtrend of this pair. There is a strong...