Currencytrading
EURAUD set to break wedge patternEURAUD has rejected the upper boundary of the falling wedge and posted a double top pattern, suggesting a return of bearish price action. We now expect a break of the neckline of the head and shoulders, coinciding with the trendline support before a move to the downside.
CADJPY tests trendline resistanceCADJPY has pulled back to test trendline resistance as it continues its path in this downward trend channel. On the shorter term time frame, RSI divergence displays a switch in momentum. The pair continues to post lower highs and lower lows, we are expecting a continued move to the downside. Bollinger bands and 82.00 handle offer further resistance.
NZDSGD: Long opportunity within a 1M Channel Down.The pair has been trading within a 1M Channel Down (RSI = 35.152, MACD = -0.017, Highs/Lows = -0.0297) since January 2017. Currently it is closer to the Lower Low zone and since through-out this downtrend it has always made contact with the 1W MA50, we are expecting a rise towards at least 0.9000.
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NZDUSD: Much Indecision
hey traders,
nzdusd is standing on a 6 years low on a weekly.
recent false breakout of a previous structure low on a daily leaves us clues
that bearish pressure is exhausted.
currently, the market is started to contract within a symmetrical triangle formation
- a clear indication of high indecision.
though according to a common rule, we trade such triangle, waiting for a breakout and the side of breakout does not matter,
I will trade only in case of a bullish breakout following my observations of weekly and daily charts.
target levels will be 0.6345 and 0.6395
stop goes below the last higher low of a triangle.
*if you like this idea, please, like it and leave a comment! thanks :)
EURCHF (EURO / SWISS FRANC) - BUYYes there is buy opportunity in EURCHF.
EURCHF is in down trend and over bought situation. You can see it in stochastic indicator as well. This is gives us a one confirmation to go for buy option. And there is a strong support in 1.08369 and we can see that there is an inverted candle where end of the chart and that also in over sold area, and its on a real good support. so if you consider those all there is a buy opportunity in EURCHF.
Special note: We can call this trade as a countertrend trade, kind of a swing trading strategy. Coz trend will reverse from this place for certain period and keep continue the major trend. Trade at your own risk and this analysis not based on fundamentals.
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USDCAD: Short Trade With Confirmation
USDCAD: Short Trade With Confirmation
very peculiar trading setup on USDCAD .
on 4H the market has recently touched a falling resistance of a descending triangle
and we see a row of multiple rejections.
on 1H we see a double top formation and for confirmation, we only need to wait for
a bearish violation of minor support beneath it to short the pair.
T1 - 1.325
T2 - 1.324
AUDCAD finds support at the bottom of daily rangeAUDCAD has tested horizontal and trend line support around 0.89500 and displayed bullish price action on the shorter term suggesting the trend will hold. The market remains oversold in the longer term. We expect a break of 0.89800 before an extension higher.
What Next for BITCOIN?So what next for Bitcoin. The chart has been stuck in a descending triangle pattern from June of this year, posting lower highs and equal lows. It appeared to be only a matter of time before a break to the downside. After a significant break during yesterdays session, sellers could begin to pick up. Looking at the chart a pullback to support followed by further downside appears to be the logical position at this time. And targets? Levels in question now lie around 7423 as next support so we are expecting further downside yet to come!