With the way the market is currently moving on this pair, it looks like we have the potential for a bullish Bat pattern to form with a D completion/entry point right down close to the 1.1600 even level. This market has been in consolidation for a little while and we know that consolidation is great for these type of Fib ratio patterns.
Should we push down to ...
There could b a couple of different shorting opportunities setting up on the EuroDollar this week. The first one I'm interested in would be this bearish Cypher pattern, using standard pattern entries & targets.
Within the C-D completion leg of the Cypher pattern, there is also the potential for an equal measured move, which would then complete up towards the ...
A quick look through the charts before shutting down for the weekend and I saw that this pair has now broken and closed below the neckline of a H&S pattern on the hourly. Looks like the comments earlier in the day out of the ECB might have stirred the pot a little. This pair has had quite a rise recently, could this be the start of a reversal of trend? or simply a ...
We are potentially tracing out a bullish bat formation here on the NZDUSD hourly chart. There is a veeery deep C leg though so make sure you check your data on your specific trading platform. For me, this pattern is still valid but could be a different story entirely on other brokers/platforms.
NZD/CAD 1H Chart: Channel Down
The New Zealand Dollar is losing value against the Canadian Dollar in a short-term descending channel, which started to form after the Kiwi appreciated by 0.9% just in one trading session.
In the beginning, the currency rate was moving quite sharply amid macroeconomic data releases and, for this reason, stayed indifferent ...
with a higher high running out of steam and three lower highs and lower lows, i decided this is a good opportunity to short and look towards heading to strong liquidity levels to take profit, GBP over Eu has performed stronger this week.
With uncertainty about where the dollar index is likely to go i believe investors are looking to buy Gold as a safe haven until, on the hourly chart i can see a sell off from the recent spike is likely to hit the 0.382 fib at 1221 until we see more buyers come back in.
Dollar index on the daily chart is showing that it is oversold on the RSI so i am expecting to see a pullback from the recent sell off, we may be looking to reach the hourly swing low fib of 0.382 target 101.13
I have got bullish cypher formation on NZDUSD it has laready touched 78.3 area but if it comes back and retests with double bottom it can be good entry point for long opportunity. In terms of profit targets, I am aiming for 61% retracement and stop losses are half ATR below from d X point which is giving me 1.5 r/r.
We ll see what happens.
So had i posted this beforehand, price was at the 18/19th.
The purple line denotes how price could have moved lower which i drew beforehand with the circle above.
the green lines are hourly support and the first of which would have been my entry, upon candle confirmation
Strong uptrend so im following it. slight downtrend and choppyness has started because of heavy selling. price should come back up to normal. I could be wrong and price could touch the blue rectangle of support at 1.72619 level, if price does touch that rectangle a reverse is definitely going to happen. EITHER WAY I AM BULLISH