falling Wedge = bullish
ABCD Pattern = Bullish (Leg CD)
Trend line since January 2016
Want to see how we trade this setup? Exact entry, stop and take profit?
Rules of Engagement
Hey traders! The momentum is down on this pair, but it is slowing as of this morning. If bullish momentum can build to power through the short term resistance and top of the falling wedge I am a buyer toward the weekly pivot and possibly beyond. Updates to come, cheers!
FX:EURNZD
The rate is currently experiencing a sharp sell-off after testing the resistance from a falling trendline dating back to 2015.
Although the current formation (contracting falling wedge) would leave me cautious when shorting the pair, a smaller short term short position to target the yearly lows around 1.4700 could work nonetheless.
Two wonderfully slope trendline pointing downwards. Three touches on the top and two on the downside. It took more than 3 weeks to develop this reversal pattern. About half of the formation act as consolidations of the prevailing trend. A breakout to upwards is eminent and of course, can buy after after the breakout.
AUDUSD developed a nice looking falling wedge on h1 and i am looking for a breakout to enter a long trade on this pair with 0.75 and 0.76 as my profit targets.
It looks like NZDUSD is in a bearish movement, with a falling wedge. It has broke a support level that was hit in mid October This support level has now become a resistance level, in the end of this week. There seems to be some bearish takeover, with really lower highs and lower lows. It will possibly go down to around 0.69700. This is because this level was hit...
Deutsche bank is moving in a falling wedge pattern and is currently hovering around the lower trend line of the wedge indicating downside is likely to pause.
