1.28 seems to be a strong trendline/horizontal support. A break below will see the annual low as support. However, i think the scenario is technically unlikely. I have no idea about this category but harmonic traders have suggested a completion of the pattern at the 1.275 zone. My target is long-term.
What i'm worried about is the strong bearish breakout at the...
Price seems to have hit a confluence of support. Price's expected path shown above.
eurnzd is oversold on the 4hr.
Note that nzd is weak due to an ongoing trade war. Near term rally is due to strong gdp data but i don't think this is permanent.
Also, eur data in 30min, so i will wait till volatility is over.
1.609 is the level to watch. Overlap of 50ema(daily), 1.382 fib extension and Horizontal support.
The rsi is oversold on the 4hr.
I'd be placing a decent buy order at 1.6085, and a larger one at the 1.618 extension at 1.6055 if price shoot right through. Note that if price does go to 1.6055 it will be an inverse H&S pattern.
fundamentally, AUD is weak from...
Euro is right on 1.15 fib and psychological level now. See if this level holds. If level is broken, price is likely to retest 1.15 as resistance, continuing further down to 1.145.
If 1.145 is broken, there is some serious downside with no near-term support.
On the 4hr, rsi is entering oversold territory, so even if 1.15 is broken, price should bounce back...
Audnzd has been trading in a range for a while. Both are in a downwards channel in their usd pair. AUDNZD has sold off strongly in response to strong NZD CPI data 12hrs ago.
The support indicated are overlaps of fib-retracements and horizontal support. A strong break of any of these support indicate that 1 of the pair have broken out of the long-term channel...
Oversold on the 4hr.
Zones between 0.656 and 0.657 have overlap of 200ema, horizontal & fib resistance. Also within the upper range of the channel.
Note that nzd is fundamentally weak with ongoing trade war, so i expect it to go down 1 more wave and test the bottom channel & historic lows of 0.64, before making a short term reversal out of the channel.
I have...
4hr: Zones between 0.635 and 0.665 have lots of overlaps in resistance(horizontal, fib and 200ema).
RSI is oversold on the 4hr, but not the daily. We're in a short term uptrend and a long term downtrend.
RSI divergence may signal weakening bulls and possible reversal of short term uptrend.
Entered a short at 0.635, if price reaches 0.66, will place a bigger...
RSI on the 1hr is very oversold, due for a correction to the trendline support. See if buyers will push price further up to 1.868 R1. If drop is sharp, next target is around 1.84, a psychological, fib & horizontal support.
Take note that rsi is also oversold on the 4hr.
Personally will exit the trade for 200 pips when target 2 reached, since gbp pairs can be...
