A slight pull back to 108.6 area will give a potential:
rejection of previous lower time frame descending trend
rejection of higher timeframe support/resistance.
Good R/R comes from targeting previous strong higher timeframe support/resistance
AUDUSD has reached both of this weeks targets while still holding a fair amount of momentum.Once again we have reached our familiar reversal zone that showed SUPPORT in early November then Resistance in late November and Early December. According to our MACD indicators we can expect a bullish divergence allowing the price to break through our targeted resistance...
CHK has shown many patterns over the last year, with 3 flags and a double top pattern, and now the stock has broken out a flag pattern and has had a partial rise and has fallen to the support trendline but has had a breakout, this position will lead to the support trendline. Also the 100 MA is providing resistance and thats where the stop is.This is also backed by...