my top down analysis is on the chart and overall am expecting further downside movement. we have had a strong bearish close below key support but have closed as a spinning top on friday which indicates indecision so am expecting a retest of resistance before a continuation to the downside.
Leave a comment and let me know your thoughts...
As you can see on the chart I have my monthly, weekly and daily analysis and I think price has the potential to follow through with the head and shoulder pattern on the daily time frame. keep an eye on price action around key support which is in confluence with the H&S neckline and the trend line for potential trade opportunities.
On the AUD/USD we have seen huge bearish momentum and price has currently stalled at the -0.27 fib extension level which is in perfect confluence with my key support zone. I am expecting bullish price action coming into 2017 and think this pair has the potential to rally back up to point C of the ABCD pattern.
As my previous post on the NZD/USD stated there were lots of confluences for a long trade. The BRC of the counter trend line on the 4hr gave me my entry and stops were just below the retest swing, profit targets were placed at point A of the counter trend line and the overall risk/reward on this trade was just over 1:2. A great trade overall.
As you can see NZD/USD is currently in a bullish channel on the daily time frame. Price is currently sitting at the 0.70000 level which is a key psychological support level and is in confluence with the bottom trend line of the channel. On the 4hr time frame price is currently respecting the counter trend line. A BRC of this counter trend line will give me my...
Price looks to have found strong support around the 1.60000 level. price has rallied to the upside breaking the trend line and showing a BRC of the trend line on 4hr time frame. price has now crossed above the 200ema witch is another bullish confluence. My other entry criteria has been triggered which has given me my entry for this trade. My stops are below the...
personally this was a great trade for me gaining me just over 6%. Price had a BRC of the trend line on the 4hr time frame which was in alignment with my other entry criteria and gave me my entry, my target was the 3rd touch of the trend line which was also in confluence with my key resistance level.
price is currently looking bullish to me with price above the 200ema and currently rallying toward the trend line which has held for some time now. An inverse head and shoulders pattern on the daily time frame seems to be forming with the neckline in confluence with my key resistance level. A BRC of the trend line and a break of the neckline will be needed for my...
lots of confluence for a short trade. price broke the trend line but failed to retest and continue before rallying to the upside. eventually bears took back control and forced price back down to break the trend line, we had the retest and continuation but I missed that trade entry. As I was doing my analysis on Sunday I noticed a potential Fibonacci set up. As you...
price overall is in a downtrend and has retraced and rejected the 61.8 fib and key resistance level twice. price has also printed a tweezer top/ evening star candlestick formation at the 61.8 level which also shows bearish confluence. going to use the -0.27 as my target which would also fulfill the ABCD pattern.
price has stalled at the 1.0300 support level and if price can close below this level i do believe price can fulfill the double top formation and fall to 1.01500 before falling to the 1.00000 psychological level
price has been rejected from the 1.13500 key level which is in confluence with the 61.8 fib level and the trend line. waiting for a break of the neck line and support level at 1.11000 to go short down to 1.08500
