arcWatcher signal has now indicated a possible topping of the move higher that developed from the February bottom at 1.2725. Assuming that the general uptrend stays intact, this move higher may have formed wave (i) or (a), which may now be due for a correction lower. Watch for exhaustion signs in the smaller time frames if the price attempts to retest...
Potentially interesting areas for short-term entries.
NOTE: This is an illustration of interesting price spots, not a prediction of the price action. The price action may develop in any direction possible. Please seek qualified advice if interpret otherwise.
NZDJPY potential head and shoulders patter. Be mindful of RBNZ later.
EURAUD has now produced "impulse-like" 5 waves up, reacting to the measured move target of the head and shoulders pattern outlined in a previous idea (linked) at 1.5980, and horizontal and trendline support in the 1.6000 area. A retracement of a corrective nature and a break of the local trendline should warrant consideration of a long position.
EURJPY: potential H&S on the hourly within the consolidation range.
AUDCHF ascending wedge with 4 days worth of support building at the 0.6800 area. Watch for a breakdown in this area in case of a failure at the local top.
AUDJPY reacted to the upper channel boundary with an outside bearish reversal day, engulfing two previous days, breaking trendlines and falling into the middle channel quartile. Looking for a short on retracement towards the broken trendline.
Be mindful of the upcoming NZD data.
NZDJPY possible short-term breakdown of a local consolidation in continuation of a broader long-term trend.
EURCAD produced an outside bullish reversal day from the bottom of the operational pitchfork, engulfing two previous days and breaking descending trendlines. Looking for a potential long on a possible pullback on the upcoming BOC decision/presser.