Looking for ABCD pattern completion. Looking on the weekly chart, price has crossed the BLUE weekly trend line and EMA's have crossed. Daily: retest of weekly trend line happened today (27/02) and was rejected. We may see price come down to 61.8% before a bullish run up to monthly resistance. Target 1: 1.2770 (monthly res). Target 2: 1.2901 (-27%)
I was monitoring this last week looking for a potential reversal to go long to 1.3700, but would be monitoring closely around the 1.3590's as there is strong support there but i am inspecting a new higher high there if even by only a few pips.
strong previous resistance around the 78.6% fib level which was a former resistance.
on the 8H charts this level has been...
It's difficult to say in what direction this multidiagonal pattern ought to break out in, due to the flatter price action (at a guess I would TENTATIVELY say upwards, but be prepared with a hedge or stop).
It had been bearish for more then a week and I witnessed a short term resistance trend line (Orange) forming since yesterday and if it breaks through that expect a rally on the upside and maybe hit last weeks high in the long term.
Text in green is my take profit area.
As we are all aware, USDJPY has defied gravity recently, and I am pretty sure a lot of people have been stopped out at various points expecting a reversal.
I am hopeful for a reversal now, however not ruling out a further stretch upwards.
the chart on the right is daily, whereas the left is H4.
On the daily chart see how the price didn't significantly break...
EURCAD tested resistance above twice and finally came down with a weak candle. Look for downside breakout around yesterday's low, the target is around 1.4520. Be careful about the 100% fib extension at 1.4580.
Current trade set up - entry at 1.33074. Looking to add another position around this 1.32569 (Red line) just waiting for the US trading session to start off. Will TP from the first position around the green fib line and continue 2nd position
1) Daily resistance zone
2) Downside shifts in MA's
3) Previous/ most recent daily candle closed below resistance zone
, if zone holds + break of ascending trend line shorts to 113.847
4) If support at 113.847 fails to hold further shorts towards 112.354
( May see price pullback into 114.467 when 113.847 is reached to accumulate shorts to take out the 113.847...
1) Intraday market direction is short
2) In a Bearish Channel
2) TestIing minor resistance of a 50% pull baack
3) At the beginning of forming a new HL
Expecting price to rally down to around 1.3209
Once again I am looking to sell EURUSD:
-Price is at a strong daily supply/demand zone
-The Liquidity void from the EU referendum has now been filled
-Price is being rejected from an upper T/L
-Also consolidating at a previous support/resistance level.
-Could possibly be seeing the right shoulder of a Head and Shoulders pattern forming
My Last EURUSD short was...