Pull back? or change of trend?Confirmed Bearish Divergence on the 4HR time frame, I would really love to see the 2nd take profit area tested as it was a strong resistance on the way up and has yet to been tested as support. The first resistance zone will tell you a lot based on how price reacts so pay attention if we get back to that area.
Happy Trading
-Nick
Currencytrading
EURUSD ShortAs DXY is looking to be bullish for next week, we are expecting a bearish reversal for XXXUSD pairs including this EURUSD pair. Price has formed a possible double top pattern on the weekly resistance level. Now, here on the 4H time frame we can see an inside bar candlestick reversal pattern. Expecting a formation of lower low and lower high before considering a short entry.
NOKSEK: Aiming for the Support.The pair is trading within a 1D Channel Up (RSI = 48.456, STOCH = 47.038, MACD = 0.001, ADX = 30.430) which is currently neutral as it is aiming for a new Higher Low. That can be on the 0.9585 Support, which is our current target on this pull back.
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EURCAD ShortThis pair is currently within an expanding channel. Now, after a bearish push which started last June 12, 2020, price has corrected and formed a rising wedge pattern. Expecting a reversal from the 78.60% fibonacci retracement level. A bearish candlestick reversal would be a good signal for the completion of wave E.
NZD/JPY short Idea We are in overal downtrend on Weekly Dayli and 1H charts.As we can see price nicelly respecting our top trend line and heading back down this is how i see price movement for next days from technical side.From fundamental side all i can say that JPY is a lot stronger than NZD what making me think price may go down even more.Let me guys know what u thinking about this idea in comments down below.Any advices are welcomed.Thank you
AUD/USD (AUDUSD) - Updated Elliott wave countAUD/USD (AUDUSD) is in C wave down in ABC zigzag pattern from last major top. The B wave has ended in triangle. The 1st wave of C was diagonal structure, and 3rd wave down is now in progress. It should be going down sharply as it broken down triangle. Keep the eye on invalidation level.
GBP/USD (GBPUSD) - Updated Elliott wave countGBP/USD (GBPUSD) have completed (A)(B)(C) zigzag pattern in 4 hr time frame, Now it is correcting down in ABC zigzag in 15 min time frame, where it has completed B wave and starts moving down in C wave. It is in 2nd subwave of C, which end soon and again falling in 3rd subwave of C down. Invalidation level must hold to retain the count valid.
US Dollar Index (DXY) - Updated Elliott wave countUS Dollar Index (DXY) has completed (W)(X)(Y) in 4 hr time frame. Now it is moving up in ABC zigzag move, which is shown in 30 min time frame. It has completed A wave impulse followed by B wave zigzag movement. Now moving up in C wave. It is in 3rd subwave of C wave. Invalidation level must hold to retain count.
GBP/USD long Price nicely jumps from our support line.Our RSI making nice divergence higher lows which means price should reverse up + my old friend Aroon say we are on the way to up trend i think price will move above top trend line if im looking at fundamental side of the trade theres is still big protests in America which means economy of America will decrease from other side UK economy seems to be more stable for now. Let me know what u think about my idea in coments down below please.Any advice is welcomed.
USD/CHF longAs we can see on currency strenght USD winning against CHF thats one of the reasons to go long in this trade.Second motivation is my fibo where price holding on level 50 on 4h,1h and 15min charts so im thinking it could go UP in this case.This is just my own personal idea dont recomend to use it to anyone as im just begginer and not sure 100% about this move. Thank you for any advice would be really appriciated. Let me know what do u think about this idea in coments below