Hi Traders!
There is a resistance short-to-support opportunity on the CHFJPY 1D chart.
Price Action 📊
The market has reached the 2-month resistance at 166.601 (August 2023 high), and bears are currently holding strong at this level. A continued hold here will most likely lead to a pullback to the support level at 164.000.
We are looking for the bears to hold...
Hi Traders!
There is a possible retest of the strong support level of 0.80531, and there are potential opportunities for short entries towards this level.
Price Action 📊
The market is currently in a descending price channel and recently broke and closed below the 20 EMA, which suggests that there is currently bearish momentum in the market.
We are looking for...
EUR/AUD remains within an established uptrend on the daily chart, and a 3-wave countertrend move has formed.
It is trying to build a base above the 50-day EMA and July high, which paints a near-term bullish bias whilst prices remain above 1.66.
We're not yet sure whether we're at or near the end of a 3-wave correction, or if this is simply the first leg lower...
Looking at price action on some of the different hourly timeframes + high probability retracement opportunity on GBPNZD. Be sure to check out the next post i make which is my analysis of this same pair from a higher timeframe perspective. Show some love and leave a comment telling what you think about my analysis.
