$1200 has been an interesting area where price has fallen to over the last few months. Our EMAs have crossed over to the downside and this month may be closing above/blow the $1200 area. This could determine whether we reverse or continue to the downside - I favour downside.
As price reacts around the $1200 level, we have seen a bullish...
On the monthly TF, we can see that price has rejected 1.3000 with a spinning top indicating indecision last month. This month, we've seen some bearish momentum, predominately from fundamental movements pushing us down and potentially forming an evening star if we can close at least 60% into April's candle.
4 weeks ago we had a strong bearish...
May closed with strong bullish momentum and this pair still has more room to the upside.
Last week we saw a bearish weekly close however our MAs are still upward facing - this is the result of a deep pullbacl highlighted in the lower time frames.
Clear higher lows and higher highs on the daily TF. Our MAs are also upward facing, in...
Generally, this market has been in consolidation for some time and harmonic trading can be extremely powerful in these market conditions. A gartley pattern is nearing completion once we fill the D leg. I am looking for high probability trades and we have a potential reversal zone above structure support and ab=cd confluence. Ideally, if we can see some divergence...
Potential gartley pattern in formation on this pair. If it completes at 1.272 we can assume long positions. There may also be ab=cd confluence.
Would look for a conservative entry after reversal with some appropriate price action as well as divergence and oversold RSI. Targets at 0.382 and 0.618.
A shorting opportunity may present itself with the potential formation of a gartley pattern.
- We have a general downtrend on the daily timeframe with consistent lower highs and lows - trend continuation.
- We've broken through a key area of support around 104.08 and came back up to it recently to test forming resistance.
- If price moves further...
We are generally in an uptrend on this pair with lower highs and lows across multiple time frames. Price has just produced a down swing and test a strong support area as well as R1 pivot. We have a nice pinbar rejection against this area which tells me that we could see more more bullish action.