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Schiff Pitchfork

CADJPY In CorrectionThe CAD has been relatively neutral (though strongish during the correction), whereas the JPY has kept on being strong in the long-term perspective. In terms of the cycles of momentum of both currencies, the CAD seems to be likely to complete its rising phase and the JPY about to strengthen a bit. The trend is still down. Now that price has approached the upper MLH of a down sloping Schiff pitchfork, there's some good (approx. 80%) chance that the selling pressure intensifies and the rally gives way to a decline back towards the median line. This is also where the basic Fib levels coincide. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
Short
by ForceFollower
10
GBPNZD Ready For a RallyGBPNZD has been following this navy blue Schiff Median Lines' set. Lately fell out of it, but the odds seem to be with the buyers. It may go up, but there's strong resistance up ahead at 1.9755, so I wouldn't be surprised to see it fail to reach the lower MLH and stall at that resistance level. If failed though, another leg down may form. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice.
Long
by ForceFollower
4
AUDNZD In the RangeAUDNZD may be heading for the 1.091 multipivot level once again. But first another test of the magenta median line. The AUD is getting stronger, much more so than the NZD. Found support above the prior major low, broke the basic bear trend line and is ready to make another leg up in this trading range we've seen it since the beginning of this year. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice.
Long
by ForceFollower
3