- Price has broken below the daily channel and already retraced to previous dyamic support line which is now acting as resistance, 4 hourly engulfing bar after price hit resistance showing bearish move taking over. - Good opportunity to short with target indicated by the arrow - move could be larger to the downside but don't want to make prediction and be greedy.
- Not the cleanest channel but currently in play - Price has bounced off upper end of channel and looks to be heading toward lower end - Analysis of 4 hour chart is left on too show bearish overtone I highlighted on previous chart - good opportunity to short on break of wedge
- Price is approaching lower end of the wedge that has formed, may be another bounce upwards to take a long position on - Overall bearish overtone so looking for a breakout to the downside with a large potential move - Daily chart to follow to show overall bearish move
This is what i believe to be the channel EURUSD is currently in - Overall bearish tone until it hits bottom of channel looking for another bounce upwards - Price could very well bounce of upward off trend line it is currently sticking to could be good time to buy but risky, personally see that it could have small bounce up before breaking the trend line - quick...
GBPAUD in an upward 4 hour channel approaching lower end of the channel - price could reach the support line drawn on chart where price previously could not go lower and bounce up higher - OR price could reach bottom end of channel before bouncing up, lower end of channel and support line could meet price at same time making great opportunity to buy. However my...
Channel is still in play (as pointed out in previous published idea) - If you are short possible opportunities to add to your position using the downward trend line that looks like its is establishing - follow that to the bottom of the channel - when and if price reaches bottom of the channel opportunity to close short positions and go long if price bounces off...
This pair has been range bound. If we can see breaks of the weekly Resistance or support then we can looks to achieve the targets on screen.
Possible long set up on EUR USD with a gartley formation.
AUD USD looking bullish for the near future. Short scenario on screen as well just in case the market turns.