GBP/USD - bearish flag formation before next BIG bearish moveGBP/USD price retested the broken daily ascending trend line on the 18th and 19th September, before continuing to the downside early last week. Price then found support at approx. 1.2741 level and began forming a bearish flag late last week between 1.2765 and 1.2700. There is a zone of confluence shortly coming into play between the potential end of the bearish flag and a descending 4H trend line. We will be looking for rejection from the 4H descending trend line, followed by a close below the 1.2700 level before entering another short position on this currency pair. Initial price target will be 1.2550, with a secondary target of 1.2088.
If price closes above the 4H trend line, this analysis would become invalid.
Forexforecast
NZD/USD Expecting to move downYo Traders,
This week is gonna be good with multiple setups in place.
NU has slid down last week breaking out of the channel after the corrective move.
The price formed a double top and retested.
I am expecting the price to move down and profit at the next support.
Lets wait and watch
Thanks
Madtradex
Euro/Swiss Expected to go longYo traders,
Another perfect setup for Euro.
EC has formed a perfect triangle pattern on the 4H TF.
Defined ABCDE (denoted by the arrows) points have been marked on the triangle and based on that i am expecting the price to move up with TP at Resistance.
Lets wait and watch
Thanks
Madtradex
EUR/NZD. Expecting to move UP to resistance.Yo Traders,
EN has formed a lovely structure to trade next week.
Price rejected the trend line and corrected till the resistance Moving down again as expected.
Price has now formed a double bottom pattern and is at the neckline rejecting it and moving down again
Expecting the price to reject the 200 EMA and break the neckline and move up to resistance which would be great RR for the swing.
Lets wait and watch
Thanks
Madtradex
NAS100 .. Expecting to move downYo Traders,
Last week i had analysed the NAS100 and expected it to moved down. As soon as the price broke through the wedge i was short on the pair with profits being taken at the support. The price moved exactly as expected with great RR.
Next week as you can see the price has now broken through the channel/support and presently retesting on the 1H TF.
Lets wait and watch if the price moves down and respects the new resistance.
Thanks
Madtradex
GBP/ NZD - Expected downwave in the Long termYo Traders,
Having a look at the GN daily TF it looks like it is forming the sloping down Head and Shoulders pattern. The right shoulder is still being formed almost approaching the neckline.
This is a long term play but from the looks of it price would be headed down for the next couple of weeks if this pattern completes.
I would be looking to go short based on the smaller TF and see how price moves
Lets wait and watch
Thanks
Madtradex
NAS100 .. Expecting to move downYo traders,
Today i thought of trading one of the Indices.
NAS 100 has been on a downtrend and is presently moving in a corrective channel.
As you can see the Swing DE is a rising wedge swing and hence i believe that the price will respect the resistance and move downward.
I will be going short when the price breaks the wedge.
Please like, share and comment
Thanks
Madtradex
Don't miss the great sell opportunity in GBPUSDShort-Term Forecast:
Trading suggestion:
". There is still a possibility of temporary retracement to suggested resistance line (1.3033).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. GBPUSD is in a downtrend and the continuation of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 25.
Take Profits:
TP1= @ 1.2802
TP2= @ 1.2733
TP3= @ 1.2609
TP4= @ 1.2525
TP5= @ 1.2259
SL: Break Above R2
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Don't miss the great buy opportunity in USDSGDMidterm forecast:
. While the price is above the support 1.3430, beginning of uptrend is expected.
. We make sure when the resistance at 1.3754 breaks.
. If the support at 1.3430 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:
. The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
. A peak is formed in daily chart at 1.3985 on 06/22/2020, so more losses to support(s) 1.3550 and minimum to Major Support (1.3430) is expected.
. Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
. Relative strength index (RSI) is 50.
Take Profits:
TP1= @1.3754
TP2= @1.3885
TP3= @1.4035
TP4= @1.4270
TP5= @1.4635
TP6 Free
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EUR/USD... Price moving in ascending channelYo Traders,
Price is presently moving in an ascending channel. The price seems to have rejected the support line and moving upwards.
Price seems bullish at the moment but lets wait and watch how this turns out
Please like and comment your thoughts for this pair
Thanks
Madtradex
GBP/CAD - buying opportunity with strong GBP momentumGBP/CAD has been trading within a respected weekly trend channel since Late-2019. The last touch of this trend channel was on the lower boundary with current expectations now that price will return to the upper boundary. Price has been consistently trading above the 50 and 100 DAY EMA and the posting of an extremely bullish weekly candle last week means that we are looking for long positions this week.
With the current bullish momentum for the British Pound we are expecting at least a re-test of the strong resistance at 1.7718. If price holds above this level a good secondary target would be 1.8040.