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UK OIL & GAS PLC ORD 0.01P, LLOYDS BANKING GROUP PLC ORD 10P, VAST RESOURCES PLC ORD 0.1P, FRONTERA RESOURCES CORPORATION ORD SHS USD0.00004 (DI), VODAFONE GROUP PLC ORD USD0.20 20/21, PREMIER AFRICAN MINERALS LIMITED ORD NPV (DI)
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Potential short opportunity here. The candles have broken through the rising wedge pattern, waiting for price to cross below the major resistance (dotted line) and the 13 EMA (purple line). If price breaks these two lines then would expect price to retrace around the 200 EMA (red line).
USDJPY's 200 and 50EMA lines have crossed on the 4 hour timeframe indicating confirming that there is a downtrend. In addition to this, if we go down to the 1 hour timeframe we can see that over the past 12 hours, the price movement is forming a flat bottom wedge (similar to the wedge that formed before the FED rate hike and price fell). The flat bottom wedge acts ...
Expecting the 200EMA to cross under the 50EMA line over the next couple of hours on this timeframe. Once the 2 lines cross will confirm a reversal and bullish trend, at which point start looking for good entry points.
This pair is close to a breakout as can be seen by the uptrend wedge that I have drawn on the chart. Currently showing consolidation at the lower parallel trend line, and is failing to break the 50 EMA line despite the last few attempts. My analysis shows that this is a good setup for a long position.
Following this brief retracement my analysis is showing that the downtrend of NZDCHF will continue. NZDCHF continues to make new lows everyday.
Key support and resistance levels identified. Can't see any trends forming today off the 1 hour chart. Like to hear your thoughts on this!
I think that the there is an option to go long on this pair in the short term. It is failing to break the S1 pivot support level, I'm predicting a TP @ the pivot level. Further MACD analysis confirms this and indicates a trend reversal. Good luck!