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NZD/USD approaches dominant supportThe New Zealand Dollar against the US Dollar has favored the long term traders, as it has fallen in the last few trading sessions like a rock. Various medium term patterns have been broken, and, actually, their drawing proved to benefit only to show the short term stops of the pair. On Wednesday the currency pair was about to fall down to the support of the weekly S2 at the 0.7179 level. The reason for that is the simple technical fact that the various supporting SMAs of the hourly chart have been left far above the pair.
Short
by UnknownUnicorn890690
EUR/NZD Channel Up - Before Draghi's SpeechThe choice to review the EUR/NZD pair was made due to the rather high demand for it during the recent 24 hours on the Swiss Foreign Exchange and the fact that it does not involve the US Dollar. From a technical perspective the rate is set to decline during the next 24 hours, as it faces strong resistance from 1.6365 to 1.6481 levels, and there is no support as low as 1.6230 mark. However, the rate can still be influenced by the speech of Mario Draghi at 19:00 GMT in Jackson Hole. Although, the ECB President is most likely going to be bullish, as he has been pressured by the heads of the EU to stop with the QE, which could provide the needed push through the resistance levels.
Long
by UnknownUnicorn890690
NZD/USD positioned for gainsThe situation on the hourly NZD/USD chart is very similar to the situation on other commodity charts. The pair has found support in a combination of the 55-hour SMA and the lower trend line of the junior ascending channel pattern. The rate is most likely going to surge up to the 0.7350 mark, where the weekly R1 is located at. In addition, near that level the resistance line of the dominant channel down pattern is located at. However, it has to be taken into account that during the last few weeks, the pair has not managed to pass a resistance level near the 0.7330 mark. Although, the basis for the resistance is for now unclear.
Long
by UnknownUnicorn890690
MCO, Were did i go wrong?As the title say, It started to drop and turned just above my buy zone, I tough it was a bounce and we would fall again to trend but just kept going. I tried to figure out were it went wrong. Think i found it :) I was expecting MCO to drop and stay down and slowly rise before AUG 31 when the app & card is to be released but instead it went up. So i started to google MCO and found that on aug 23 MCO will be listed on Binance, China's fastest growing digital asset exchange. Here you can read more: www.prnewswire.com So what do i think now?, I think it's only up from here. i will hold until sep 1 and decide what to do then. I won't trade waves unless it's super obvious it will drop to .5 fibs. If it crash hard, it was worth a gamble i think.
M
by Bjurhager
1
Weekly triple top rejections on XAUUSD open up downside riskThe 1300 level might prove difficult to regain for any decent length of time, and the steep rising channel gold has been in these past few weeks of domestic political chaos and tensions with DPRK seems vulnerable to any hiatus. Add to that the triple top which looks like holding and the confluence of fiblevels with support targets below and the short side does look quite attractive. Wait for the lower channel support to break, preferably off a further retest of the triple top resitance overhead, as the CCI is overbought and the RSI moves into overbought territory but the MACD is still going strong. Bollinger Bands have been narrowing since August 8 but that looks like it might be about to change.
FOREXCOM:XAUUSDShort
by maskedman
2
NZD/USD does not confirm patternThe NZD/USD currency exchange rate continues to move as expected, in general. The issue it that the speculated lower trend line of the medium term descending pattern was passed on Thursday morning. The proposed support actually acted as a resistance to the currency exchange rate. However, after a period of fluctuations the currency pair returned to test the resistance cluster near the 0.7425 mark. The reason for that was the 100-period SMA of the four hour chart, which was unnoticeably providing support to the Kiwi against the US Dollar. Although, the medium term downwards direction has not been changed. The rate is most likely going to bounce off the resistance cluster at 0.7425 and continue to move to the lower trend line of the dominant pattern.
by UnknownUnicorn890690
NZD/USD breaks ascending patternThe New Zealand Dollar suffered losses against the US Dollar during the first half of Tuesday’s trading session. The currency pair even broke out of the ascending channel pattern to the downside. As a result of the break out, the pair fell down until it found support in the 200-hour SMA, which was located at the 0.7460 mark. It is highly possible that until the end of the day’s trading the pair will approach the resistance of the weekly PP, which is located at the 0.7492 level. Moreover, the weekly pivot point is strengthened by the 55 and 100-hour simple moving averages at 0.7498 level. Most likely after encountering the resistance cluster the currency pair will continue the decline. In addition, it can be expected that the rate will soon reveal a new descending pattern.
Short
by UnknownUnicorn890690
2