ATTENTION A SENTIMENT CHANGE AND POSSIBLE CHANNEL BREAKOUTThere is a head and shoulders pattern at the top here. A Break to the lower level of the right shoulder also followed by a rounded topping and now two clear channel top and double bottoms. Based on fib from the original fib breakout in the beginning of november I see a correction to around 12000...
Headonshoulders
Sellers, time is up... Price broke back above head & shoulders neckline, & broke out of downtrend channel.. Failed to break daily support & the bulls have kicked back in. Dollar broke its uptrend line (DXY) & is pointing to the downside.. Important inflation news on USD tomorrow something to watch, these next news events will determine if there will be a rate hike next month still or not.. Looking to go long on the retest!
Last chance for a possible short...Potential entry at 61.8 retracement level / Daily downtrend line to go short. Id watch for a bearish engulfing candle to this level for extra confirmation or a break of the counter trend line to short this pair as price has built up some good bullish momentum these past couple of days.. A break above prices downtrend line will invalidate the downtrend. Patience is key!
EURUSD 4HPrice still is in a downtrend & is under daily resistance / Daily Head & shoulders neckline.. We should see a short coming this upcoming week. Price retested broken 4 hour channel from last week, & looks to be rejecting the 38.2 fib level acting as a resistance. Watching how price opens tomorrow afternoon :)
EURNZD Price broke its counter trend line after bouncing off its daily uptrend line where I took profit on my short. Now looks like we have a nice long opportunity I am looking for a right shoulder to be formed at the retest of the broken CTL to create a inverse Head on shoulders pattern. This pair should take off during London session!
GBPAUD DAILYLast week, BOE gave us a perfect retest of broken weekly trend line, & bounced off the 61.8 level. Price closed above resistance I will go to the lower time frames to look for an entry. AUD RBA Rate statement shortly I am anticipating a weaker Aussie lets see how that helps this setup go into play..
GBPAUD DAILYWatch for breakout & close below 1.6800 zone (H&S neckline). This pair rejected its weekly downtrend line that has held since 2015, I believe this pair has a lot of room to the downside. GBP news this week, I will look to go short during that time. Nice opportunity here for a long term short potential will be watching closely!
A Clear H&S in CAG 40A clear pattern trade
We see a clear H&S and French public sector workers also went on strike on Tuesday against President Emmanuel Macron’s plans to cull jobs and toughen pay conditions, forcing airlines to cancel hundreds of flights and disrupting school activities. At this moment the CAG40 is being supported to protect investors, this can't go on. We need to see a price adjustment. Strike notices were lodged in schools, hospitals, airports and government ministries over plans to ax 120,000 jobs, freeze pay and reduce sick leave compensation.
in my opinion, there is a good chance this H&S will be completed in the next 2 days, both Technical and fundamental
Entry: Fib.78.2
Target:
Move stop-loss:
EURAUD Monthly head on shoulders pattern, take it down to the weekly the downtrend line has been reached, & is rejecting at the 50 fib now consolidating waiting for a breakout. I believe from the looks of it that we will be have a potential reversal & be heading down to complete this possible H&S Pattern.. !
NZDCHF 4HNice one on the watch list here guys, we ended off the week with a strong bear candle breaking an uptrend line, now waiting for a pullback to broken trend line & will probably have a pending entry at the 50 fibonacci level, Price should touch it the fall hard. stop loss would be 40 pips (above supply zone) -Purple rectangle. Definitely one to watch here :)
EURUSD DAILY analysisPotential daily head on shoulders pattern forming, expecting a potential pullback to 1.18550-1.18700 area with a candle stick reversal candle to indicate short, after break of uptrend channel, looks like price is now forming lower lows & lower highs. I am waiting for lower high to complete so a new lower low can be formed. Will be watching closely next week! :)
DXY (Dollar Index) Price looks like it may be forming a head on shoulders pattern here on the 4 hour. Price recently tried to break resistance but failed, pushing it back to the downside. There is still a potential Gap needing to be filled could it be the time where the dollar loses more weakness? Keep in mind the FOMC meeting is tomorrow could bring a lot of volatility to the dollar.
Trade with care!!
GBPJPY 4HSupply zone 142.500 holding strong, price opened with a small gap & may need to be filled. Possible head on shoulders pattern spotted indicating possible long if break above supply zone. But at the same time a double top / 200 ema possibly acting as resistance, & price may not be able to break above. North Korea practicing missile launches opened up the market with the yen having strength, so we may see a possible short opportunity here. Waiting on the Pound news at 1:30 am (pst) for a possible stronger move in the market.
Trade with care!