I have been waiting for this opportunity since yesterday morning. A pullback to the 50% fib level was achieved along with a perfect shooting star and trend line rejection on the 2hr. I will be taking this down to retest structure at 1.78500 support area with a nice R:R
On the daily chart there is a shooting star signalling a turning point, price managed to reach the 50% fibs.
H4 shows rsi divergence and a break of the trend or recent swing low could see a retest of the recent neckline of the inverse head and shoulders.
Good sell opportunity with a shooting star at a strong resistance area. A good target would be 1.23000, and an initial entry with this shooting star would be good at the current price if it remains this way until the Sunday open.
i want to explain to you why i'm going to short this pair if price pulls back a little bit more. As you may know audnzd -0.12% has been moving upward without interruption: both in the daily and 4hr chart Rsi is in overbought condition, and this tells us that market is overextended and there's maybe some room to retrace and let the trend breath....
i wanted to share with you this setup for i've found lots of different clues pointing in the selling direction. As you can see in the illustration above we have: Cypher pattern (already completed), daily structure, an engulfing shooting star candle, a round psychological number, RSI divergence and RSI overbought condition all together in the same...
today i want to share on my favorite kind of analysis: it is called CTS and it stands for Combined Technical Score. It basically consists on putting different clues together in order to rise the likelihood of each trade.
You can think of it like being in the side of different entry techniques so that you're with the majority of traders.
On the chart...
After exuberant buying on copper these last few weeks the bears have finally taken over which is visually shown on this strong shooting star formation. we could potentially see a bearish move back into weekly support.