A nice short set up forming here.
Price is currently within the resistance level. I am looking for further confirmation from bearish candlesticks to show rejection at resistance.
One price crosses the trend line at 0.64990 I will look to short this pair, providing that the RSI, RVI and MACD all show signs of a bearish move.
The 4H chart is showing an ascending channel. After a bullish breakout above the resistance level, the price has now turned bearish and reverted back to the support level at 0.6531.
We could see price retest this support level and turn bullish again, or the price may make a break below this support level and continue this bearish move.
Given the position of the...
On the H4 chart, we can see a bearish pennant forming.
A bearish pennant is a bearish continuation pattern.
Before entering a short position, I will wait for confirmation by a break in the support trend line. I will also be checking the indicators for cross overs (RVI, and MACD) to show signs of a bearish move and potential overbought regions of the RSI.
AUD/USD is displaying a bullish continuation pattern in the form of a bullish flag.
A buy order has been placed just above the resistance line. A break above this resistance line would indicate a continuation of bullish movements following confirmation of a potential continuation of an uptrend.
- The RVI cross over further indicates a potential buying...
EUR/CHF is currently displaying a bullish pennant flag pattern, which can be seen on both the H2 and H4 time frame.
I will be awaiting confirmation for a long position. I will be looking for price to break above the upper descending trend line to provide an indication of a continued bullish move.
EUR/JPY is hitting support at around the 121.90 level.
We could expect the price to break through this level of resistance or we could expect the price to hit resistance and then pullback to support at the 120.489 level, creating a short term sell opportunity.
Both the MACD and the RVI are yet to show signs of the price potentially pulling back and so it may...
I am new to trading so I am open to any feedback on this analysis.
GBP/USD 4H chart has displayed a double top pattern which could suggest a potential sell entry.
Look for the break of the neckline before entering.
Perhaps set a target at the 1.25140 level at the 38.20% fib level