Dailyforecast
AUDJPY Trading Plan - Riks Reward 1:3 (change the previous plan)AUDJPY Trading Plan - Riks Reward 1:3 (change the previous plan)
NZDUSD: Bullish Bat with ReboundSince last week, NZDUSD has broken above a 2-week falling trendline thus ending a bearish structure.
A bullish bat was formed after the breakout and as the price pulled back.
The price has currently found support at 0.6593 and a rebound has begun.
And once again, the price break above another minor falling trendline.
Price did a little pullback and may start to climb again soon.
NZDUSD: Cont'd from Previous PostWhile NZDUSD retraced expectedly before rising further, the current movement suggested further retracement before the rebound.
What's confirmed now is that NZDUSD has broken away from a previous bearish structure and recently also broke out of a consolidating structure towards the upside.
The price is expected to retrace 0.6615 where it broke out from a bearish structure.
Look for buying opportunity from 0.6615 to 0.6605, targeting 0.6690 and 0.6720.
NZDUSD: Breakout of Consolidating StructureNZDUSD has been on the rise since it found support and rebounded off from a 4 year low around 0.6200.
In the process of the rebound, the price has broken a few critical resistance levels such as the 8-month falling trendline.
There's little doubt that NZDUSD is in a bullish structure while the dollar is also weakening.
Just recently, the price has broken out of a downward consolidating structure and a new bullish trend has just begun.
Wait for the pullback towards 0.6630 to look for a buying opportunity.
EURUSD: Rebound on GartleyEURUSD continued to recover from the month loss after forming a Gartley pattern and rebounded off from a 2-week demand zone.
The rebound is still seemingly below moderate but higher lows have helped the price to remain a bullish structure.
German CPI was just confirmed to perform at a 5-month high and could help to boost EURUSD later.
Traders can wait for a pullback towards 1.1130 for re-entry of buy.
Current targets are 1.1187 and 1.1220, final target at 1.1285.
