1hr
EUR/AUD hitting daily resistance.On the daily chart, it is showing that the market is hitting the daily resistance and the RSI is showing that the market is close to being overbought.
On the 4 hr chart, it shows RSI being overbought and the 1 hr shows it being overbought again so that is confirmation that we will go short on this trade once an entry has been found.
Currently I placed a mini black resistance line below the daily resistance so when price breaks this, you can simply execute a sell stop order and ride out the market to your preference.
There are three profit targets which I have placed. Once it hits profit target 1, I am confident that it will hit the other 2. First profit target is a 4 R/R
Thank you guys and have a great weekend.
EURNZD bearish cypher.Here we have a Cypher pattern on the EUR/NZD 1hr chart.
Most NZD pairs are currently at a level of string support, and with my expected weakening euro, this pair should dip. (Albeit weak) daily support has been broken and I can see this Cypher formation taking price lower still.
As always with this pater, we will have 1:2 risk and our first TP level at 38.2%.
Cypher ratios
X:B = 0.382-0.618
A:C = 1.272-1.414
X:D = 0.786