After breaking out of a four month range the pound had a sharp decline against the dollar in October, since then the pair has been pulling back and it looks like we could be due for a further bearish decline,the pair has pulled back into a key Fib level and rejected.
We can see EURUSD has made a sharp fall to the downside, the first take profit level has been breached at 1.09456.
Now that price has fallen and closed below the first take profit level we will be now looking for our second take profit level: 1.05737. In addition, we will wait for a retest of the new resistance level and then look to sell it off.
As we saw trumps victory caused huge volatility yesterday , however we are still looking for a target zone of around the 1.23000 area possibly even lower. Im still very bullish on this pair as Im expecting a huge rebound to the upside once we are in the 1.23000 zone. but for now small short position. 100 pips or so.
Very basic set up. I believe USDCAD is going to sell to the 31.8 fib level, which is also in confluence with a mini structure level: 1.33440. Furthermore i also believe its going to sell off as you'll notice its at a key resistance level in which its rejected 3 times already : 1.34131. Moreover, its also decent risk to reward oppourinty.
Shorts have been triggered on this pair, please refer back to previous post.
We can now see that 'Nzd/Usd" had a pullback for a couple days now giving sellers another opportunity to jump in on the down trend. We have seen support at "0.7100" now being tested as possible resistance, more confluence was given as a evening star formation did form and price has...
Here we have a bearish gartley pattern that has just completed and my order has already been triggered. The NFP numbers are out tomorrow so this will either be a quick and painful loser or it must just turn out to be another winner but regardless of the outcome, I followed my rules and that's all that matters.
Confirmation was on the higher time frames but a pin point entry was taken.
The previous Daily trend line was broken then we saw price retrace giving traders a great opportunity to sell.
Indecision has been evident on "4H" as we can see on the smaller time frame we can potentially see a break out to the down side
Bullish momentum has final come to an end we can see clearly that a 'Head & Shoulders" pattern has potentially formed. A huge engulfing bar was made on the daily timeframe showing traders that sellers were now present in the market, with a a nicely formed engulfing and pin bar on the "4H" chart i decided to short this pair, we can see previous lows being violated...
here we have a good oppurtunity to short Aud/Usd and possibly most other AUD pairs as it is extremely overbought and has also tested the weekly trendline resistance and dropped. Right now, we have a possible H&S pattern on the 4 hour tf and price is right under a 4 hour trendline resistance and also fib 61.8 resistance. Very good risk to reward on this high...
Buying Potential - You can see a consolation being formed which was around for about 3 days. If it breaks through it on the upside it could rally to around the resistance (Red colored)
If it breaks the support (Orange Colored) expect it to hit around the 1 month + old support (Blue Colored).
"Gold" currently is looking bearish, We can see a H&S pattern that has formed with a clear retest of the neckline which has failed, a break under "1332.00" will make this move valid.
We could potential look to the left of our chart and aim for significant lows to take profit
1) Expecting a pull back into Daily resistance zone @ 113.847
2) If Daily resistance zone @ 113.847 holds
+ break of trend line expecting shorts to lower bounds of the range @ 112.35
3) Downside target ~ Support zone @ 112.354
4) if downside target @ @ 112.354
is achieved and broken will watch price action in this zone for further shorts towards 110.939 zone