NZDJPY Potential Sell Setup on D1The NZDJPY is having difficulties to break above the 76.50 level, forming what looks like a triple top pattern on the D1 chart.
The current price is also close to the 61.8% Fib level, which looks to hold so far. Note that we draw the Fibonacci retracement from 72.37, to avoid the flash-crash from January 3 to interfere with our analysis.
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EURCAD Potential Buy Setup on H4EURCAD formed a promising buy setup after breaking above the falling channel and finding support at a longer-term trendline earlier. The pair now trades close to a horizontal support level.
The pair fell significantly after the ECB press conference last week and bad news about the euro area may already be fully priced in. An important factor for the EURCAD pair may be future oil prices and the state of the US economy.
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NZDCAD reaching important resistance on D1After ranging since the beginning of 2019, NZDCAD is now approaching an important trendline resistance on the daily. The trendline has started in late 2016 and has been tested multiple times so far.
We need to see a bearish candlestick pattern on the trendline to enter with a short position. A break above the trendline would aim for the 2018 high of 0.95.
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AUDNZD new 2019 low, more room to the downsideThis morning's Australian GDP report caused a sell-off in the Aussie as investors assess the likelihood of an RBA rate cut. GDP growth came in 0.2% q/q vs 0.5% expected.
From a technical standpoint, the AUD/NZD pair has formed a valid sell setup which is now confirmed by a fresh 2019 low. The SHS pattern has been triggered, a pullback is completed and there seems to be more downside potential in the pair.
CHFJPY Potential Buy Setup on H4The Swiss franc vs Japanese yen pair seems to find support at the lower boundary of a rising channel, a horizontal support and a trendline pullback around the 111.15 level.
Recently, the pair respected a longer-term rising trendline and picked up its underlying uptrend.
USDCAD near horizontal resistance, 1.36 in sight?After an amazing bullish breakout that I forecasted in one of my previous analysis (link below), USDCAD is trading close to a horizontal resistance at around 1.3380.
The Canadian dollar has been hit by somewhat lower oil prices, and a break above 1.3400 could lead to a retest of the 2019 high around 1.3650.
To the downside, the pair seems supported by the February high around 1.3330.
EURUSD | Downside expectedDownside movement is expected for the Euro against the US Dollar in coming weeks.
1W:
On the weekly chart we saw a large head & shoulders reversal pattern form, and price has since broken below the neckline support & found sustained resistance holding below it.
We've also seen a smaller ascending trend line broken to the downside with a weekly candle close showing clear rejections of higher prices.
1D:
Scoping down to the daily chart gives us a clearer look at the broken ascending trend line/triangle type pattern.
We can see on the daily chart a clear break & retest of this level with a bearish candle close on Friday setting us up for continued downside movement.
Sells will be placed early in the week with a stop loss above the most recent high.
Updates will be posted as the trade plays out.
EURNZD Friday Sell TradeHi traders, here is a potential sell setup in EURNZD. The pair reached the upper boundary of a falling channel, risk-on mode supports NZD in today's trade so far, and end-of-week profit-takings may push the pair lower.
The up-move seems overstretched in the downtrend.
The trade offers a good R/R ratio overall.
AUDCHF Potential Sell, Watch Out for SHS TriggerThe AUDCHF pair is trading in the upper range of a falling channel and has formed an SHS pattern as described in one of our previous analysis (idea attached below.)
While the first attempt to break below the pattern failed, now we have a secon right shoulder that shows a strong selling momentum and may have enough power to break below the neckline.
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CADJPY Potential Buy on H4CADJPY is trading inside an uptrend channel and has found support at a rising trendline, which forms a confluence support together with the falling daily trendline. There is also a horizontal support around 83.50.
The Canadian dollar seems to start reversing its losses on higher oil, while the Japanese yen will likely be impacted by a (potential) Trump-Kim deal and expected progress in US-China talks.
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AUD/CHF Potential Sell Setup on H4AUD/CHF formed an interesting SHS pattern and broke below the neckline. The right shoulder retraced at 61.8% of the previous impulse move, while the head represents the high of a price correction that retraced at 78.6% of the previous larger impulse move.
The pair is trading in an overall downtrend and in the upper half of the channel, which also signals the potential for further weakness in the pair.
The Australian dollar got hit hard recently on reports that a rate cut may be on the table and trade tensions that hover like a dark cloud above China. The Swissy is doing quite well on the other side, with Switzerland (non-EU state) in the process of getting a trade deal with the UK after Brexit.
GBP/AUD Monster trade has still upside potentialGreat trade taken in CommaFX Telegram channel!
We entered at 1.8139 and closed our position 252 pips in profit. Even if you've missed the initial trade, you may still have the possibility to enter long, since the pair has formed a fresh higher high and is trading at the highest rate since Jan 29. Watch out for the 2019 high around 1.8495 (close it before the round-number resistance.) The pair has been in demand after markets priced-in an assumed progress in UK-EU Brexit talks.
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