Before i was looking to buy this pair when i saw lots of strong support being made. Now that the level is broken we can look for a retest on smaller time frames with a bearish rejection. If we get this then we can sell the pair. At the moment i am only going off technicals but as the time gets closer we can look more at the fundamentals.
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As always we always look left when planning a trade. To the left is a clean candle so if price can break to around 120.500 that would be my entry to plan to go up to 120.550, which could then possibly lead to 120.600-120.620.
One of the most favoured pair to be traded on the market here we have a potential inverse head and shoulders pattern, price is showing momentum to push higher yet with the ECB news later this week we will continue to see a pump in the pair and maybe some sort of reversal opportunity around the 1.3250 region.
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Been a little quiet in the markets lately for me with my patterns - but as long as were not forcing trades that's completely fine. Seen a potential Bat pattern here on NZDUSD that's still a while from completing, however I always like to draw them on early so I can easily see them later.
I will become a lot more interested if the green dotted line...
Potential Bat pattern forming on USDJPY at the moment. Following the recent drawdown on this pair I would be expecting within the next few trades to start picking up. Unsure if this will complete as we are in an overall bull trend, however will be paying attention over the week to see what will happen. Key point to look out for is the breaking of the A...