UnknownUnicorn553472

UnknownUnicorn553472

Hi traders! When we look at AUDCAD on the 4H charts, we can see a very nice downtrend. In fact, this trend has been going for so long that it has been very overextended when we use Fibonacci extensions! The longer a trend moves on, the bigger the potential chances of a reversal happening and right now, it looks like we might have arrived at a support area that is...

UnknownUnicorn553472

On NZDUSD 4H, we can see a beautiful trendline setup. This chart has been going up for a long time and it's showing a nicely trending price. Recently, however, it has pushed into a resistance area created by a previous swing high. If you scroll left, you can clearly see that the previous price top bounced exactly at this level and then started a long bearish...

UnknownUnicorn553472

While we're still waiting for the EURGBP setup to trigger, one of the setups I'm also interested in is NZDJPY on the 4H charts. This pair has been in a very long uptrend already and shows good price action: not too volatile and good swings. It's what we're looking for in a reversal setup: clean and predictable trending behaviour. But recently, the price has...

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One of the setups I'm looking at for this week is EURGBP on the daily. In the past couple of weeks, it has been flirting with the resistance level created by the previous swing high, around 0.88500. This time around, we can see some selling momentum as the bulls keep having trouble to break the level, which resulted in a nice double top. In Friday trading, we...

UnknownUnicorn553472 Updated 

Right now, I'm looking at a nice rounding top reversal that is in the works on the 4H charts of CADCHF. The pair has been in a steady uptrend for quite a while now and while the initial push up was very strong, the uptrend has been losing steam recently. We can see a nice flattening curve in the price action, culminating in a sharp sell-off with a very strong...

UnknownUnicorn553472

There is a setup on the daily charts for CHFJPY that I've been following for the past two weeks now. Basically, we can see a very nice market top reversal at a significant previous swing high and resistance level. If the current daily bar manages to break and close at or below the 113.000 level, I believe a further move to the downside is likely. This is a prime...

UnknownUnicorn553472

The US dollar index is at a turning point. For close to 6 months, this index has been in a converging symmetrical triangle that was playing out on the daily chart. During that time, many tests of both the upper and the lower bounds of the triangle have happened, but there was never an actual breakout. This has now changed. On Friday, the DXY broke and closed...

UnknownUnicorn553472

For next week, I'm looking at a short-term play on EURAUD, which is showing a nice head and shoulders chart pattern on the 1H chart. Technically, the pair has been in an overextended uptrend and is now clearly showing signs of slowing down. We could first notice the RSI divergence, which developed into a H&S pattern. Only the neckline still needs to break on a...

UnknownUnicorn553472 Updated 

Yes, that's a confusing title. This is a potential shorter-term long play. On the 1H chart, XAGUSD is at an interesting level. The horizontal blue line indicates the previous swing low and it clearly acts as a support level that seems to hold. We can see a relatively nice downtrend with multiple swings, while the trend is now in the overextended territory as well...

UnknownUnicorn553472 Updated 

On the 4H charts, we can see that the $USDCHF is starting to look as if it wants to reverse. Main things I'm looking at right now are the rejection of the larger timeframe downwards trendline, followed by a break of the moving average and (more important) a further push down. A pin and drive reversal entry trigger is in the making with the last two bars. This...

UnknownUnicorn553472 Updated 

On the 4H charts, the USDSEK is at an interesting point. We can see that for the most of April, the pair has been in a clean and long uptrend and is now in oversold territory (the Fibonacci extension indicates a move well over 200%). Additionally, the pair has reached a previous swing high. This clearly acts as a resistance level, which the price hasn't been able...

UnknownUnicorn553472

On the 4H charts, the AUDUSD is at a crossroads. Since around March 20, the pair has been in a downtrend. Especially the last "wave" was very clean and controlled. The pair reached the 161.80% Fibonacci extension and at the same time, we're at a previous swing low which acts as a strong support. Today, this setup gets more interesting. The lower bounds of the...

UnknownUnicorn553472 Updated 

I've been waiting for this setup to unfold for a while now (I was already eyeing the setup in my weekly outlook 2 weeks ago). For the past months, we could see a couple of beautiful swings on the daily for AUDCAD. The price has now reached the previous swing high, which was a strong reaction point last time. As is often the case for a reversal, we can see a...

UnknownUnicorn553472

This is one of the setups I'm looking at for next week. The USDMXN on the daily has one of the cleanest trends of any pair recently. However, it has been overextended and is nearing the 200% Fibonacci extension level. At the same time, there's a very strong demand zone close by, around the 18.30000 level. Last time that price dipped into this level, it shot up...

UnknownUnicorn553472 Updated 

I'm getting interested in a potential short opportunity on EUR/GBP on the 4H. Price is at a longer-term resistance level (red line), which coincides with a higher timeframe downwards trendline (black line; connect the highs on the daily to see it). Additionally, trend structure has been really nice and clean, the price has reached the 200% Fibonacci extension...

UnknownUnicorn553472

Last week, we've seen the reversal setup on EURAUD finally materialise. The bullish divergence (price made lower lows while RSI made higher lows) was another confirmation, but the rejection of the lower support level followed by the very bullish move up left little doubt. On Wednesday, price already tested the resistance level (indicated by the black horizontal...

UnknownUnicorn553472

The longer uptrend on AUDCAD was broken at the end of last week, after the pair tested the strong resistance level (visible on the Daily) and broke through the 1.0000 level quite easily. After a retest of that level, sellers got in control and pushed the price down. This provides us with a good opportunity to ride the newly formed trend. I expect sellers to push...

UnknownUnicorn553472

The pair has been in a longer term uptrend (better visible on the daily chart). After the strong bullish move recently, the price is now retracing to the previous support levels, ready to continue further up. Stochastic indicator show oversold levels both on the 4H and the 1D chart, which indicate that the sellers are losing steam. The support area offers great...