- Second chance to buy NZD USD
- Head and Shoulders formed previously last week now we can see a pullback looking to take a long position once we see rejection from the bottom of the channel which is also a key area of resistance as shown in red.
- A double bottom has formed at a key level as you can see.
- We also have a break of a Descending Wedge which signals a bullish bias.
- Will be looking to take a long position if we get a pullback to the area on confluence where we have the 0.618 retracement, double bottom neckline and outside of the descending wedge.
- Will enter upon confirmation of a...
- A Triple bottom has occurred and as we can see price has come to retest the neckline of the Triple bottom pattern.
- Will be looking to go long providing we can get a Bullish candlestick formation such as the Engulfing or Bullish hammer.
1. We have a clean break of the Daily Descending wedge, will be look at taking a long position if price retraces and tests the Descending wedge and 0.236 fib retracement
2. Then looking to enter if we get a bullish candlestick formation
- As you can see we have recently hit a key support zone of 130.5 - 130.75 whilst in a Descending channel
- A break and retest of this Descending channel would give us a Bullish bias, therefore, will be looking to go long after we see a bullish candlestick formation
- As we can see a clear Inverted Head and Shoulders pattern forming at a Key support level
-Also have a break of a descending wedge which would signal bullish bias
-Will be waiting for price to retest the neckline/outside of descending wedge followed by a bullish candlestick formation for entry
1. As you can see we have a regular bullish divergence on the 4hr timeframe
2. In addition to this we are currently in a falling wedge
3. If we break to the upside and use my resistance area (black line) as support which is a key level we could see upwards of 300 pips
4. Signal to enter would be a bullish candlestick formation of the support area
1. As you can see we have a hidden bearish divergence on the 1hr timeframe
2. We have also hit a key resistance area signified by the plotted black line
3. We then have a bearish engulfing candle which adds more substance to taking the trade
4. Finally awaiting the entry signal of the rsi crossing the overbought band (60) in a downward direction