Looking at the Aussie dollar and other xxxusd pairs we can see that price has rejected key lows across these pairs, whilst the DXY on the other hand has shown signs of weakness (medium term) and has failed to break past key resistance of 95.000 and has formed a reversal pattern + divergence. Today we also saw the DXY breakout of the rising wedge. During the same...
We saw price stall around the 1.15600 level which then formed a double bottom and a breakout, which indicated a medium term trend shift. Considering price has been bearish making lower lows and lower highs for 40 days, price finally found support at the level indicated forming a neckline for a possible H&S formation on daily time frame. For reference check DXY...
Daily outlook on this pair. We saw a retest of weekly resistance, which was rejected and price broke out to the downside after it formed a rising wedge on 4h time frame. Weekly formed a bearish engulfing candle, with buyers coming in at the support level indicated. Price is likely to retrace towards the break out level as pointed out on the chart before...
Going to be a great selling opportunity when the time is right. Do not miss this
I'm expecting this pair to make this move, or rather, i will be looking for this move before i commit to any buys.
This is what I am looking for to enter this pair.
Look for shorts on this pair on lower time frames.
We can see accumulation + divergence.. Very bullish daily candle, and a weekly Doji forming. Once we see price breakout to the upside and retest the 200MA we can look for buys on this pair (short term view) Trade with care :)