In recent times in this market price has been making a series of lower highs on the daily chart.
Whilst the short-term momentum is lower, price has been running into the daily chart support and as yet has not been able to break it
This level looks crucial for where price makes its next solid move.
If we can get a clear break lower below this level with the...
We look to Sell at 7380
Trading has been mixed and volatile.
The trend of lower highs is located at 7382.
Positive overnight flows lead to an expectation of a firm open this morning.
Preferred trade is to sell into rallies.
Expect trading to remain mixed and volatile.
Target 2: 7200
cadjpy on the weekly doesn't show a lot apart form basic support and resistance but when I went down a timeframe, I saw daily trendline making lower highs and lower lows.
4hr/1hr timeframe showed me a rising wedge occurring while breaking out and making a head and shoulders pattern.
Looking at another great setup this time in Aussie Dollar versus New Zealand dollar which spiked overnight as the Aussie central bank cut rates but then indicated that was them finished cutting rates causing a short squeeze in this pair up towards the 100 day moving average around 1.05 where it has lost steam in moving higher.
Back into the market after a long weekend in both U.K. and U.S. and we are looking at the continued downtrend of Euro versus US dollar.
A series of lower highs continues to form with support around 1.11 area providing a short opportunity of 90 pips. We also have the formation of an Evening star candle or tweezer top if looking on longer time...
eurjpy is in a descending channel consisting of lower highs and lower lows. Price seems to have reached its first resistance zone. Resistance zone was previous support from past data and has now been broken and turned into a newly formed resistance which adds to the continuation of the descending channel.
on top of that, price was in alignment with the fib...
Beginning with the monthly chart, we can see that GA is currently resisting off of the 1.8500 zone which it has done in many previous tests. As well as this, we also have a support level on at around the 1.7300 level which in previous tests has proven to be a strong level of support especially.
Dropping down to the weekly chart we can now see the true...
On the audusd there seems to be a strong support on the weekly so I decided to head over to the daily and I noticed a downward channel has been created consisting of lower highs and lower lows.
Hoping for price to retest previous support structure so I can go long.
Use lower timeframes to monitor movement and enter trade if necessary.