Last week gave a break to the downside of an ascending channel on this pair. we also took out (and pulled back) an ascending Trendline in the process.
What i like about this setup is that the fib ext targets sir right on the low of the previous rally.
Fridays daily close also presented a bearish engulfing candle.
We can see the MACD gave a clear indication that...
eurusd broke structure and now looking for a pullback, price broke trendline so that's another indication that price could likely drop lower. Waiting on pullback to confirm whether momentum has changed.
We discussed this market last week and the fact that price was looking to pullback into the major support level and 50% Fibonacci level.
Now price has pulled back into this level we can see a bullish engulfing bar and rejection candles have formed rejecting the support.
As yet there has been little follow through and for a move back into the recent swing high...
We have been discussing this market regularly in recent times.
Yesterday we discussed the intraday price flip level and the new momentum higher on the smaller time frame charts.
Price has made a sharp pullback and retrace.
If price can take out the recent intraday swing high it would pave the way for the next extended leg higher.
GBP/CAD has broken the wedge that i had analysed on my last idea and is heading towards a resistance. It is currently overbought so possible drop back down and pull back to resistance. Possible short and long entries.
- H&S formed, and price broke through it
- Want a pullback to the 0.382 FIB which is
around the neckline area
- That would line up with the 50 and 200MA on
- Rejections of those would be a good indication
to go short
NZD/USD has recently moved higher in a strong uptrend and for the past few days/weeks has been consolidating in what could be the first pullback on the higher timeframe. Diagram shows the 4 hour time frame and shows price has bounced twice in the past off of a support zone (purple box). Current price action has just formed a Pinbar on the one hour (my entry time...
I am looking for buys on this pair.
Firstly I am looking for it to come back test the 50% Retracement level with it to test the 4hr trendline as well!. X marks the spot!
Also I wont enter on a candle that is still open I be looking to enter on a close for a bullish hammer or a reversal candlestick to have a better entry with better RR 1:9
Here is an update from my EURUSD mark-up. Placed the short position to show you the movement made from the zone of consolidation at the start of the week. I was expecting a pull-back around 1.078000 region but I can see it has broken through this. I am still expecting a pull-back but it's just trying to find the right position and signals to indicate the bullish...
My previous analysis on this pair was for a short trade. Unfortunately I missed the trade, however was pleased to see my analysis was correct.
I still see further downside potential on GA. I am now hoping for a pullback to the trendline which lines up with the resistance area and in the 50MA region.
If we get this, I am looking for a longer term trade.