Buy at 123.36 with stop at 122.75 First target at 124.2 and second target at 124.72
Buy at 112.42 with stop at 111.82 First target at 113.21 and second target at 113.72
Bear Cypher is forming on NZDUSD 30 Mins Chart Sell at .6793 with stop at .6828 First target at .6764 and second target .6745
In this idea I show you how I trade swing failure patterns. This is good for any time frames but lower time frames are preferred. Very simple idea yet works pretty nicely. Let me know what you think.
BEARISH PATTERN, BE SHORT, BUT CONSERVE WISELY. I did not include the MACD Indicator and the RSI (7) MACD is showing a SELL signal at the blue box peak of the pattern. RSI is showing Showing HIDDEN DIVERGENCE. Take this into consideration as it plays a key role, In trend reversal that is! Put these indicators on your charts and you will see! Have a good one. CharlieFX
Drawing Supply and Demand zones we can see a clear small bear trend for the intraday. If you are looking to short, it would be ideal to wait for a retest of the last supply zone. Entering around 1.55945 with a SL near 1.561 within 10 and 20 pips of your entry. Targeting to take profit near support at 1.555
Due to time restrictions, no fundamental analysis on this pair. It has been trading in a 134 pip wide bullish parallel channel for almost 10 days on the 30m timeframe. We can now see a bullish Bat pattern having developed. Price is already testing the full potential reversal zone (PRZ). With this, the set up qualifies as a trade candidate and it goes on my watch...
The less dovish than expected tone from the RBA last week, stating the exchange rate was still overvalued but failing to give any mention of a time scale for further rate cuts, made me less bearish than I was on this pair. On top of that, the FOMC minutes highlighted concerns about hiking interest rates too soon, creating some buying pressure. Last week was...
This pair has been ranging in a 145 pip wide bullish parallel channel on the 30M for the last 9 days. Both the upper and the lower channel line have been tested 4 times and have proven their strength. It pushed up 100 pips last Friday, on the back of downbeat Canadian retail sales data (the largest one-month decline since April 2010) and a favourable US...
I remain fundamentally bearish on this pair, given the rate divergence with the FED (RBA cut its rate recently and might cut again this year while FED is expected to hike it around the summer). The RBA price target for this pair is 0,7500 (some 250 pips lower than the current price). Recent commentary by governor Stevens was less dovish than expected which led to...
The USD gained in strength last Friday after a favourable jobs report. The CAD data has also been good the last few days and they sure beat expectations Friday with their employment data. But appreciation of the USD on the back of their jobs report proved too strong for the CAD and this pair gained 165 pips before giving 35 back before market close. The Canadian...
In a surprise move, the Bank of Canada cut their interest rate last week. This pair immediately rallied upon the release of that news. Tonight, the FOMC stated the timeline of any rate increase would depend on economic data. This statement seems to have given another boost to this pair, bringing the price close to the potential reversal zone (PRZ) of a bearish Bat...
The Australian dollar rose strongly after a report showed the nation’s underlying inflation accelerated. This moved the price of this pair above the B point of a potential bearish bat on the 30M (where its helped further by a daily support level) so this set up qualifies as a trade candidate and it goes on my watch list. Price has travelled only about 40% on the...
We have a Bat pattern finishing on the 30M chart. Price already tested the PRZ (and overshot it a little, but could still stabilise and reverse nicely) and the RSI is clearly oversold. When defining the PRZ for a Bat pattern, we look at the projection of three harmonic levels. I: the 886 retracement of XA, II: an extended AB = CD pattern (in this case 1272 AB =...
This pair has been ranging in a 230 pip wide bearish channel on the 30M for the last 18 days. It sharply dropped 100 pips last Friday, on the back of US hourly earnings data being reported at -0.2%, raising warning flags regarding the economy. On top of that, FED members expressed there will be no hurry to do a rate hike this year. Despite all this, on the daily...
This pair can only go 2 directions UP or Down. Support and resistance levels are @109.29 and @108.64. Depending on market open price the direction will be established. 30 pips on long position OR 35 on short position.