Hopefull breakout of this range that pound kiwi is currently in and look for a retest of the highs of the range (1.9250) before taking a long position. if price bounces well and we get confirmation through a test bar then we can set a nice tight stop loss just inside the range meaning we can have a high risk reward
Looking to short this market once we get a retest of the downward trend on the right shoulder. Last night we saw a test of the neckline at 124.5 which has been rejecte. Hopefully see a messy bull run back up to the previous trend resistance at 125.33 before shorting to 123.00.
Price has been bouncing off support zone of 0.868 however buyers have been getting weaker and weaker at pushing prices above. Sellers have been more and more willing to short at lower prices indicating a breakout below this support zone may occur. With SL above the downtrend line and a big TP to previous support levels, the RR is high in this trade!!
Sellers are becoming less and less able to push prices down every time price rises to the significant level of resistance at around 0.855 however more and more people are willing to buy closer to this price,signalling a possible breakout to previous months significant resistance at 0.87.
Currently repsecting levels of previous resistance from mid april. 4 hour candle close suggests loss of momentum however we could possibly see a breakout at the start of next week to the next point of bear bias at TP. By setting tight SL's then if price reverses off this level of resistance and forms a head and shoulders we will not lose out too much
nice pull pack on the fib retracement for DXY however as the soon massive crisis in the US forms due to current climate, prices may continue to 99.0 before reversing to create a left shoulder. Alot of XXXUSD pairs are also looking bullish, Specifically EU leading to less demand for usd.
Possible triple bottom/Head and shoulders on UC to occur by the end of the day. Since the breakout to 1.46 on the 18th/19 of march, buyers have had less and less power, shown by the lower and lower highs. if price reverses off the resistance area at 1.385 then its likely price will be pushed up lower than before. We might then see price squeezing before a breakout...
Watch to see whether the price can break the higher prices which it reversed off on 14th of april. Waiting for price action and candle formation on the 4 hour to see whether price is being rejected. If so then a head and shoulders pattern could be formed.
With NZD having way less economic damages than the US will so have, it might be fair to say that this is in...