Inverse head and shoulders forming on the 4h time frame with a break and retest of neckline occurring.
4h also reveals the formation of a higher high
On the Daily, there is bearish convergence on the RSI, signalling a trend reversal to the upside.
Price on the Daily has also rejected the 61% fibonacci previously and has done so again. This is also reinforced by...
There is bearish convergence on the daily charge identified by the RSI,
Price has previously rejected the 61% fibonacci level on a daily time frame, and appears to be finding support on its second attempt at the level
Price is also reinforced by the lower bound of a wedge formation, expecting price to test the upper resistance of the wedge where the TP will be...
On the weekly, the retracement of price has formed a bullish flag pattern, giving upward bias on the weekly.
On the daily, price has formed a triangle formation and is preparing for a breakout. It has also found support at both the 0.36 Fib retracement and established trendline.
SL: 1.37
Price: 1.38492
TP: 1.415
Hoping to hold between 10-14 days
Should be good.
On the weekly period, price has been ranging between parallel Support and Resistance, it appears to be going back down to test the lower level.
Price is approaching a previous horizontal support + the 38% fibonacci level which provides significant resistance.
Ascending triangle on the 4h and weekly fib 0.5 level are providing bullish signals for a retest of the previous high. Also, there has been slightly higher highs and higher lows.
I have a scout order for 1.229 if there is no retest of the fib support.
Full position order (2% risk)
Entry: 1.218
TP: 1.25537
SL: 1.2161
AUDJPY is showing bearish divergence on the daily chart and is making a triangle formation. I'm waiting for it to test the highs once more and enter in at 88.7 or wait for a break and retest.
Entry: 88.7
Stop: 89.35
TP:86.7
Looking to short between 0.809 and 0.81, weekly resistance level and fib retracement from 2014 highs. Declining commodity prices, particularly iron ore are expected to weaken Australia's exports.
