Neckline
AUDNZD Head and Shoulders w a Cherry on TopIf you'll remember I shorted AUDNZD from 1.0709 last week due to the broken support trendline, this support trendline was the support for the triple top on the 1h.
On the 4h, we have a head and shoulder formation. I drew this up last night and expected another move to 1.0710, but price did not breach 1.0700.
Now, we can see that the neckline was broken in the last couple 4h candles. Price will not significantly move until Tyo session, and then will be drastically impacted by Trump's speech to congress.
Overall, this is a short position that I am still holding, and will be looking to add to during London.
GBPUSD will break the neckline?GBP on a neckline of a Head and Shoulders formation on the 2-hour chart, just as some volatility is expected for some news coming out that might shake the market.
Indicators seem to show divergence but CAUTION is mandatory now.
If it breaks low keep in mind the soft resistance at 1.2338
Watch closely!
GBPUSD will break the neckline?GBP on a neckline of a Head and Shoulders formation on the 2-hour chart, just as some volatility is expected for some news coming out that might shake the market.
Indicators seem to show divergence but CAUTION is mandatory now.
If it breaks low keep in mind the soft resistance at 1.2338
Watch closely!
AUD/NZD COMING CLOSE TO TEST THE HEAD AND SHOULDERS NECKLINE FX:AUDNZD
The rate has broken the 6-year-long falling trendline resistance and is now climbing higher to test the inverse head and shoulders neckline around 1.1300.
I am looking for an upside break and retest to enter new long positions to potentially target the former major support/new resistance area around 1.2100.
A strong rejection lower from the neckline would indicate further range trading and a possible move to retest the former broken trendline before the next leg higher. - See more at: www.tradeitsimple.com
NZDUSD M240 - possible Doubletop at D1 ResistanceNZDUSD builds a Doubletop at a D1 resistance with an overbought RSI on the left high. For further confirmations I'll wait for a close/break of the Doubletop's neckline. Furthermore the price (M240) rised within a channel. The break of the neckline correlates with a breakout of this channel. I think this could be a good short opportunity on this pair =)
USD/CAD - FALSE BREAK AND A DOUBLE BOTTOM TRIGGERED FX:USDCAD
After testing the the original breakout low at 1.3030 the rate turned around and rallied back inside the previously broken rising channel thus creating a small double bottom formation.
It has also broken the short term falling trendline resistance, therefore my immediate bias is now higher.
I will be waiting for a pullback towards the broken double bottom neckline at 1.3175 to confirm the channel support is holding once again to target a possible move towards the channel resistance around 1.3570.
A break back below the neckline would invalidate my immediate bullish bias, however, only a daily close below yesterday's lows would turn me bearish on the pair again.
(Daily) Double Top // Neck // Previous Structure at 38% // 2618FX:CADJPY
We have the 1h Bullish Shark forged at structure above the neck, it the price rejects the neck as i am expecting, it can build a 5 waves structure inside this structure as an eventual ABCDE pattern, or a rally into a new higher high, higher close ;)
The Bullish Bat can be forged at confluence between fibs at 88% retracement and also the 38% major fib;
4h Sharks below the neck between the 86.00$ and 85.00$ (search 1h published Shark comments for the picture)
NZD/USD TESTING THE BROKEN CHANNEL SUPPORT AS THE NEW RESISTANCEFX:NZDUSD
The rate is currently testing the former broken falling channel support as the new resistance. I am looking for a strong rejection lower to enter new short position on the larger head and shoulders pattern trade idea .
I would like to see a bit deeper retracement higher for the rate to test the neckline of the head and shoulders pattern around 0.6960 or even the former broken rising channel support as the new resistance around 0.7050, however, as mentioned before - a bounce lower from the former channel support could work as an entry for a smaller short position.
SHORT 2017 predictions on Crosses - AUD/NZDFX:AUDNZD
Currently trading within a contracting range, so we’ll get get some kind of resolution quite soon.
I am bit more bullish here, because of these two head and shoulders patterns.
I am looking for a break above 1.0800 to trigger the smaller one, which is also important because of the major falling trendline, for a move towards the neckline of the larger head and shoulders at around 1.1300 and if we get a break there – target the 61.8% breakout target which is also former broken support area around 1.2100
For full 2017 predictions on crosses click here
USDCAD 4h Double Top FormationOn the USDCAD pair, we've had a decent up movement on the daily chart for about 580 pips. Now a double top has formed with the second top being lower than the second one. Essentially, this is a textbook double top formation. Price is now at what one would call the neckline, and if broken, I am placing a sell order at 1.3375 with a target of 1.3325 and a stop loss at 1.3425.
1:1 risk/reward ration
NZDCAD Daily Triple Top w/ Slanted Neckline3 times price on this pair retested the resistance zone surrounding 0.96 seen above. The first time price reacted bearishly (the first top), however it did not go far down as it did previously (see 2015-12-29 date on chart). The second time price broke above the zone but then fell some - forming a second top and then going down to make a higher low. Then again, the third time it formed ANOTHER higher high and is currently going down from that.
The fact that there has not been a lower high followed by a lower low suggests that this pair is technically still up trending. This is key, however, because that means that we can get a position in on time.
The white support trendline is in fact the formation neckline. Price will definitely head to the TL next week, and then maybe to the 0.9290 area. We must wait for a lower low and then for a lower high to short this pair, or at least I am, you do what you like.
NZD/USD approaching support Currently have this pair on my watchlist for the upcoming week. Should price continue to move downward breaking the 200 EMA, I'll enter short beetween 0.70500 and 0.69600, coincident with the head and shoulders neckline, on a doji/pin bar candlestick. I will then consider to take profit / scale out around 0.6700 in case the upward-sloping trendline will provide strong support
Hope you liked the idea, wish you good luck!
AUDNZD Head & Shoulders Idea Still HoldingJust as I predicted earlier last week, AUDNZD went down to the 1.04 area to complete the second shoulder of this inverted formation. Now it will likely be heading up to the 1.07 area to the neckline resistance, and hopefully, even more past that.
I suppose a buy order would work when markets open, with a target just below 1.07, so like 1.0685.
Overall, I am bullish on this pair.