Price has broken out as i expected. We now can look for entries here. We have a break of the outer trend line and now can properly place an ascending trend line, we also have structure. Daily TF is still bearish but 4H is now bullish and i beleive we will be heading upwards. See previous ETH post for what i was anticipating.
Looking for a 3rd touch of this ascending channel/wedge & rejection of the outer trend line to enter a short position. If this does not happen or we miss it we will look for the break and re test of the pattern which would be the safer entry anyway
As is stands i am expecting the DXY to go down (See previous post) which means we will be looking for XXX/USD Longs. Here we have EUR/USD which is at a AOI for me, its forming a falling wedge along with the DXY forming a rising wedge giving good indications that we could see a reversal soon. I have marked out 2 Long scenarios here.
Risk entry will be the 3rd...
Expecting price to create a head and shoulders formation over today into the start of next week where we will see a rally, then price collapse in on itself. 75% of retail traders are in Bullish positions here adding liquidity to this short entry.
Today i am highlighting the currency pairs that i am looking to trade this week.
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AUD value under-valued. AUD will grow in strength. smaller time frame showing for a possible bear flag which would indicate the last smaller down push to complete overall correction before heading up as the AUD grows in value
Hy dear Members hope you all are enjoying our ideas and Analysis. Now we are here to discuss about EURUSD. EURUSD is at a strong resistance level. From this level we can see a big drop.
When Market will Open we will update further With Proper Chart TP and SL.