Daily doji formed below 200 sma line followed by bearish confirmation which is also bigger than the previous bull bars. Stochastics in overbrought area. My only concerns are that there is no fib support/resistance suggesting that the trend is still going to continue up rather than dropping. Will look for 4hr and hourly bearish action to enter short provided the ...
-Previous daily bar rejected 2017 closing price although it did not pass the bearish day highs before it.
-Hourly pin has closed above the 200 sma line and is above some minor hourly support.
-order placed to enter at 1.9259 GBP/NZD
Weekly pin has closed above a weekly pivot area (blue line) and current week is above the 2017 close which is usually a key area in most markets.
1st target is just below 2017's high but depending on how the market closes if it reaches this area will determine whether i stay in the trade or not/
price has been dropping steadily over last 2 years but has not made a new lower low below 1.2502 and as a result rejection candle above 50/200 sma line formed in september.
Entered one daily inverse head and shoulders with targets set previous highs
The monthly chart shows a doji/pin closing above the 50 sma line during an uptrend. price is also oversold. looking at the daily there are possible entries on the inverse head and shoulders if the current day closes positive above the high of the previous day.
Sellers still in control of market but showing some weakness as bearish bars are getting smaller followed by doji/pin and then bullish confirmation candle.
Bigger time frames are in strong downtrend (4 hour/daily) so very small lot and mostly to test a doji/pin theory.
target is purple line