There is still a large bigger downtrend on this pair's longer timeframes. I am expecting one more impulsive leg down to form a wave 5 in the wave pattern I currently see on this daily chart. Price is as well currently inside a descending triangle, which increases the chance for a break down today or tomorrow since we are very close to it's apex. If price would...
A daily close below 1.0527 (61.8% fib) would add credence to the falling top formation and open doors for a potential break below 1.045 and drop to 1.0341 (Jan 3 low) levels. On the higher side, only a move back above 1.0552 would abort bearish view, although turn around would be confirmed only above 1.0642 levels.
Daily RSI – bearish at 46.00 Daily DMI – Bearish Monday’s daily close was below 50-DMA Corrective move towards 1.0640-1.07 is likely to be short lived. A short-term sideways action appears likely. On the downside, another daily close below 50-DMA would open doors for a sell-off to 1.05 levels
if break, short. watch closely. good r/r eu still in strange place since brexit USA supposedly bringing in higher interest rates this year.
Expecting a negative breakout of the triangle which seems to be forming in wave 4 of this negative primarily impulsive wave count. Opinions are appreciated:)
Pair’s retreat from 1.3121 (Thursday’s high) followed by a sharp sell-off on Friday to a low of 1.2915 strongly indicates the down trend from 1.3445 (Sep 6 high) remains intact and could be extended further to 1.2865 (Aug 15 low) if the up move seen in Asia runs out of steam and is followed by a break below Asian session low of 1.2954. On the higher side, only a...
We are now near the upper bearish trendline defining point (B) in the proposed corrective wave count. I would look for shorts now, and I am expecting a breakdown in the nearest days. I would place my SLs around 1.13400 above the latest swing top.
We seem to be in a ranged correction zone on the daily chart since Feb16. Nomatter how you count waves, we have an diagonal 5 wave upwards move that has been broken and made one correction (wave A), and I think we as long as the dotted upper blue line holds, we are in for a corrective wave C to unfold in a zig-zag corrective pattern.
NFP tomorrow so volatility will be high, but looking at this structure it looks ready to drop, and follow negative trend which started early May16. Looking at this chart, it feel almost certain that we can expect a downwards movement sooner or later, on par with fundamentals telling us that FEDs sooner or later will have to increase the rent. So my advice for...
NZDUSD 20min on the watchlist. Test and close of the bar will warrant closer attention. Context bigger time frmae: Price is moving into prior sellers area.
Clearly two currencies stand out from the field: JPY and GBP. First for the safe haven flow, second because of renewed Brexit fears.