On monthly the pair has touched the trendline and has just left the area of resistance. On daily, you can see that the recent candle just broken support and retested it twice. On the 2hr, an M formation is being completed, from which I expect a continuation to the downside.
After the impulse, I expect NZDUSD to fall to one of three potential support areas. I will be shorting the pair when I see a clear respect of past resistance.
GBPCHF has somewhat consolidated on the lows of the 4hr ranging market. If the market continues to respect the resistance as support, I will be shorting with two potential targets in mind.
After the move down, AUDNZD has seen a large loss of momentum. If the previous support now turned resistance is broken and retested, I will be longing the pair.
AUDCHF has reached the neckline of the daily M formation, and has just retested 4hr resistance and daily and weekly support and turned resistance. I except it to reach the bottom of the weekly zone.
USDCAD just retested 4hr, daily and weekly support now turned resistance, I excpect the market to make a move to the support, make a correction and then continue the trend to the downside.
From the COT reports, it's clear that selling pressure starting around the 14th report forced the market down as net positions dropped from 190K to 178K, and around the report on the 28th buying pressure forced the market up as net positions rose back up to 188K. If the next COT report clearly shows an increase in shorts and a decrease in longs, then after the...
A weekly head and shoulders. Weekly closes created a high, a low, a higher high a equal low, and just created an equal high. If the market breaks below support and retests resistance, I will primarily focus on shorting opportunities in NZDUSD.
USDJPY has sellers consistently lowering the highs towards the resistance, I expect the market to break and retest resistance in 2021. As the market has done in the last two years, it's likely a bullish reversal will happen on resistance before this break.
I expect the market to complete the M formation, and I will be longing the retracement back to the neckline, then shorting the fall to the resistance level.
