Weekly – Bullish channel with bearish divergence
Daily – Bullish flag and overbought
4H - Breaking higher from bullish flag - looking for re-test to set longs
Buy AUS200 at 6560. Stop 6520. Target 6660
Overbought and bearish divergence on longer term charts could stifle this move
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Downside movement is expected for the Euro against the US Dollar in coming weeks.
On the weekly chart we saw a large head & shoulders reversal pattern form, and price has since broken below the neckline support & found sustained resistance holding below it.
We've also seen a smaller ascending trend line broken to the downside with a weekly candle close...
A bearish butterfly pattern has completed on Eurgbp. This is a 1:3 or more trade opportunity. I have my pending short order at 0.9055, target at 0.9010 (45 Pips) and SL at 0.9070 (15 Pips). Price is likely going to move lower if it goes as expected. I will cancel this order if price gets higher than 0.9070 before trigger.
On the Daily timeframe price approached the neckline and top of the consolidation range yesterday and pulled back to around 50% of it’s movement, this suggests sensitivity around this region. We look to today’s close as well as tomorrow’s to confirm this as a lower high. However, price remains above the moving averages which it’s using as support and is currently...