NzdUsd has put a decent impulse in bouncing off minor support, we can possibly see relief to the killzone in which I would be looking for a retest of the lows and even a continuation lower. Potential head and shoulders on the 5 min currently so can see that relief as more likely.
Small counter trend opportunity on AudJpy, quite a few inside levels of resistance to be wary of but possible to go higher. If we reach that target zone, I would look to short down for a retest of the lows following our impulse with decent strength shown on the RSI. There is also a decent pattern formation on the 5 min with a double bottom followed by a bullish break.
Small opportunity on the EurJpy, despite us reaching support I do think we can retest the lows of the 1hr close. The Daily can put a bullish head and shoulders pattern but I think this move is possible due to RSI showing strength on the swing.
Price seems to be forming a double top at support zone
Possible continuation of the short trend.
In a state of consolidation right now.
Wait for confirmation candle...
Price may test this area before breaking through as it seems on the lesser timeframes.
Looking at the larger time frames, you can see that we have retested the 50 week MA multiple times during this bull run. What I would like to see for an ideal setup is a back test of the support line at around $13, which if timed right would coincide with the 50 week MA.
MACD is still trending up, and the RSI is approaching a significant support zone. The current...
The weekly time frame head and shoulders, plus weak rebellion of price creates probability on lower time frames for the south. Price has moved back up to test the base of the H&S. This is the traditional expected move before a retreat comes.
The DAX has been leading Wall Street and other markets. If this falls soon, expect shockwaves globally.
Price seems to be respecting the trendline and a pattern of confluence as price goes down seems to be repeating itself through time.
I'm expecting for price to go back up to the trendline and fall dramatically again...
Retest support zone and fall dramatically
Wait for confirmation candle...
Directional Bias For EURCHF Is Long.
Before entering the trade I would wait for break re-test of downtrend and a strong Bullish candlestick close (Daily)
However price could kiss trend-line and and carry on falling, but due to bullish momentum i believe this is the start of
a upwards trend.
A possible short term retest of 109 followed by the base 4 hour trend line base of the triangle followed by a monstrous move to the upside taking out the psychological level of 110 and shooting up to 111.
This is not financial advice.
On the eur/aud, I see bullish momentum followed up by retracement levels between 0.5 and 0.618 which indicates great pullback. Price seems to respect the support zone and does retest it as well so I'm hoping for a clean retest with the price moving higher.
With a breakout on a previous uptrend and an upcoming resistance from a previous head and shoulder this is called the neck line which i have labelled on the chart. The breakout has retested the only support line and i will personally be taking a short on this pair.