Drawn support and resistance on 1W chart, Diagonal rays create a 1 -2 year old parallel channel. Fibonacci retrace always plotted after S/R drawn to support confluence of levels. Last 3 candles suggest that bullish momentum has ran out after a small bull rally after creating new low on weekly. We have been stuck on resistance for the last 3 weeks with this week...
Drawn S/R horizontal lines on W1 very strong levels coincide with diagional ray and key Fibonacci levels. Fib retrace shows 23.6% reversal occurring, Ichimoku suggesting a bounce off kumo - Channel Commodity Index reverse also respecting diagonal channel. First target 0% on Fib retrace, trailing stop from then on - Stop based on historical kijun-sen flat...
2 SIGNAL FOR BUY 1- PATTERN DOBLE BPTTOM OR W 2- SIGNAL OF CROOS TENKAN SEN & KIJUN SEN OF ICHIMOKU . SIGNAL CROSS OF ICHIMOKU IS IN THE TIME FRAME H4,H1.THAT UP TREND
NZD/JPY printed an inside bar plus a bullish engulfing bar combination of candlestick patterns on the chart. The long term trend is still up as the short term moving averages (10 and 20 period) are above the long term moving averages (50,100 and 200 period) and the Tenken-sen has just crossed above the Kijun-sen showing the bulls might be accumulating position...