NZDUSD H4 h&s pattern formation siting exactly on the neckline and further more proving the D1 H&S formation to be sollid, with US Dollar still in a bullish rally NZDUSD will proceed with its down trend.
This is a long term play on this possible formation of the H&S On this pair, I like the fact that I will get to ride it on its way up to form the right shoulder then all the way down to complete the pattern like it did before with the inverse H&S.
With the DXY showing some weakness during the NY Session it can be said that a pair like GBPUSD will push back to retest the 0.681 Fibo zone making the last kiss and from there proceeding with the downtrend to complete the double top pattern.
This is a nice downtrend on USDZAR showing a potential closed triangle pattern. ZAR is gaining strength driven by the R290 Billion investment acquired by the president of South Africa.
USDCAD has been showing a smooth Eliot wave signal for the past few weeks. Earlier this week it just completed its down trend after being rejected by the lower trend line and started some consolidation on lower time frames. I think this is the best opportunity to start going long on the pair.
The main reason we engaged in this pair is due to the neckline break on this double top( "M" Shape Parttern) formation. Secondly it was the huge pull back on that Daily candlestick.
This was influenced by the GBP gaining strength suddenly. We can expect this pair to test the indicated support zone on the charts.
For those who are still in this trade lets keep...
EURJPY is currently sitting on the 4H Support and starting to show some signs of pullbacks on the 1H timeframe. On the up it might go for a possible max of -+100pips with a reversal expected at 133.00.
However on the Weekly time frame there's a very strong Bearish signal showing, If that 131.900-131.650 support zone gets broken this pair will rally to the...
EURNZD
This pair just started to show a solid confirmation of the Head and Shoulders Pattern. A push up until 1.69400-1.69500 is expected as the right shoulder gets completed. Perfect entries will be at 1.69500(Sell Limit) and 1.69250(Sell Stop). A drop to 1.6750(Previous resistance) is expected.
EURAUD has been rejected at 1.50900 failing to retest the previous resistance at 1.5100. The pair started a downward movement targeting the previous minor support at 1.5000. If the minor support is broken am expecting a further movement towards the previous support at 1.4900-1.49200 zone.
USDCAD Pair has been in a down trend for the past few days and smoothly playing within the trend channels. I have indicated my entry points on the charts
