Downside for USDCAD after failing to find support at the 0.5 fibo area, likely a retest of support further below / highlighted.
Further upside on the cards for USDJPY after a nice rebound off of a trend line that has been running pretty much since the beginning of the year.
Alternative scenario has now been activated on this exchange rate after successfully finding support at the 0.5 fibo level and also presenting an engulfing bullish candle. Further the negative trend line has been broken.
Time to sell AUDJPY so that it can retest the orange trend line shown. Confirmation when red negative trend line capped price earlier today.
Downside due in for NZDUSD after a clear lack of support, and a nice downwards wedge forcing the price into its corridor.
Ready for a nice short setup.
Standard double bottom for EURGBP and a lack of sell side momentum - would expect the price to attempt to re attack the 0.87950 / 0.8800 region.
Downside confirmation, follow the trend and lock into profit as and when.
Tension is building as shown by the lower indicator, and with price action and general corporate analysis the bias is to the upside direction.
AUDJPY heading upwards towards the 79.60 / 79.70 resistance area. Lower indicator momentum suggest the 4 hour tension is being released in the upwards direction as long as there are no fundamentals to affect the price action.
As shown in the chart we have a few confirmations shown that the SELL off period should continue for a little while longer whilst the price sorts itself out. NFP is tomorrow, so you can expect things to change depending on the news. This being though, we are technically supporting the US Dollar when selling this pair, which works well with odds on NFP. ENTRY -...
NZDJPY LONG / BUY -> Fib example for those learning
TP and SL shown on the Y axis - students message me if you have any questions.
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