Australia
ASX bounced nicely off its support, potential to rise!ASX bounced nicely off its support at 5906 (61.8% Fibonacci extension x2, 78.6% Fibonacci retracement, horizontal swing low support) where it could potentially rise to its 1st resistance at 5988 (61.8% Fibonacci extension, 100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance). If it breaks past this point it could potentially rise to its 2nd resistance at 6036 (100% Fibonacci extension, 78.4% Fibonacci retracement, horizontal swing high resistance). We have also identified a 2nd support at 5868 (50% Fibonacci retracement, horizontal swing low support).
Stochastic (34, 5, 3) shows it approaching its support where a corresponding bounce might occur. We have also identified a bullish divergence with price.
ASX approaching its support, potential for a bounce!ASX approaching major support at 5905.6 (62.8% Fibonacci extension , 76.4% Fibonacci retracement , horizontal swing low support) where a potential bounce could occur, causing price to rise to its 1st resistance at 6304.6 (76.4% Fibonacci retracement , horizontal swing high resistance). If it breaks past this level it could rise to its 2nd resistance at 6081.7 (horizontal swing high resistance) or to 6151.7 (61.8% Fibonacci extension , 100% Fibonacci extension , horizontal swing high resistance). We have also identified a 2nd support area at 5868.6 (100% Fibonacci extension , 50% Fibonacci retracement , horizontal swing low support.
Stochastic (89, 5, 3) shows it approaching its support at 3.45% where a corresponding reaction could occur.
SHORT AUDCAD PLAYSTOP LOSS : 1.02547
TAKE PROFIT : 0.96055
Risk-reward : 2x
Longer term trend: Sideways
Current trend: Bullish
General comments:
Price spent most of its time in between the 1.012 and 0.9605 since 2016. Last week's candle pierced through the resistance and closed within the range. The wick is 2.77x of the main body with none at the bottom of the bearish pin - this translates into an excellent bearish pin, with a recommended entry point of just below the pin.
What I like:
1) Excellent candlestick formation, a textbook example.
2) Price can move lower and retest the resistance on the daily chart, creating another opportunity to seize the potential bearish move.
What I dislike:
1) Since this idea is based on the weekly chart, the stop loss is relatively far. This means volume of trade, permissible within risk limits, is low.
Other things to note:
I expect the trade to take around 100-200 days to hit the price target of ~0.96055.
* Do support by liking and following! All suggestions/feedback welcome!
x,
iskfx
ASX approaching support, potential for a bounce!ASX is approaching its support area at 5905.6 (61.8% Fibonacci extension , 76.4% Fibonacci retracement , horizontal swing low support) where a potential bounce could occur, pushing price up to its 1st resistance at 6034.6 (76.4% Fibonacci retracement , horizontal swing high resistance), or possibly to its 2nd resistance at 6081.7 (horizontal swing high resistance). We have also identified a 3rd major resistance at 6151.7 (61.8% Fibonacci extension , 100% Fibonacci extension , horizontal swing high resistance). It is also worth noting that a strong ascending support, which price is currently testing, has also been identified.
Stochastic (34, 5, 3) shows it approaching its support at 5.03% where a corresponding bounce could occur.
Bullish Gartley Pattern4 hours time-frame
Dollar is rebound
good oportunity to long,becasue USD is Strenghten
pound aud long analysis Hi everyone here is my analysis on Pound Aud
great potential for a good pip trade if it plays out , at the moment I have drawn in the key areas where it will hit along with some key pitchfork and trend lines I will be looking at in the coming days looking at this trade
any questions let me know Kris
EUR/AUD 4H Chart: Fully reviewAfter approaching the upper trend-line of a dominant channel down pattern, EUR/AUD currency exchange rate began to decline.
After reaching the 50.00% Fibonacci retracement level. The common European currency is slowly moving downwards to test the dominant channel down-trend line up pattern. This retracement can be measured with the high of 1.5772 and the low of 1.5183.
Regarding the short term, the pair is set to approach the lower trend-line of the dominant channel and is likely to be stopped by the weekly PP at 1.5140. Afterwards a temporary retracement upwards should occur.
MYMMF pennant breakout with gap up confirmationMYMMF canadian cannabis company made a small breakout yesterday evening shown by my previous graph yesterday. This morning full confirmation breakout, it gaped up on relatively higher volume through heavy resistance at 2.8$ resistance. Here would be good entry for a run up, this stock might test new all time highs in the coming weeks.
MYMMF wedgeMYMMF making a wedge (ascending/descending?) and could break high before stabilizing again around $2.5 region and consolidating before making another bullrun before legalization
