GBPUSD has been moving with a descending triangle for the past week or so and looks as though it is about to break out (most likely to the downside). Will look to target 1.30500 as TP1 but could see the pair moving down to 1.29500. Will monitor closely as could also break out to the upside as shown by wedge.
If price retests broken support at 0.70600 this should be a great sell off! This area of support-turned-resistance was a key area of resistance back in April, May, and June. Will need price to stall at this level before shorting pair! FX:NZDUSD
GBPJPY has recently broken through trend line/support that held since the end of June. Providing a retracement comes and price stalls at support-turned-resistance, a strong short opportunity may arise. Set up looks great on the daily chart (pictured) with price appearing to be heading to support line of ascending triangle.
GBPJPY has recently broken trend line/support from the end of June. Providing a retest of support (then becomes resistance), a big short opportunity may arise. Look for price to stall at support-turned-resistance. The pair also looks great for a sell off on the daily chart, with price appearing to be heading to lower support line of ascending triangle.
Head and Shoulders appears to be in play, with first half of right shoulder being formed recently. Anticipate price to move down to neckline at 0.76100.
Since the 6th September, bearish momentum has been most prevalent in GBPUSD. Price appears to be trading within a bearish trend channel, where price has currently stalled on strong area of resistance. Area of resistance also coincides with upper trend line where a reversal to the downside may be expected. TP set at around 1.3115, with SL just outside upper wick of...
Following on from previous post, price action shows that USDCAD failed to push through area of resistance after previous indecision candle. If the current daily candle closes as an indecision candle (same as previous candle, thus forming tweezer tops), I will enter a short trade. SL will be placed outside of previous candle's upper wick, and trade entered once...
USDCAD has recently approached 1.3100 resistance where price has reversed 4 times since the start of June. Indecision formed below area of resistance indicating stalling bullish momentum. Would like to see price push down past 1.308 (lower wick of previous candle) before a trade is entered.
USDCAD has recently approached 1.3100 resistance where price has reversed 4 times since the start of June. Indecision formed below area of resistance indicating stalling bullish momentum. Would like to see price push down past 1.308 (lower wick of previous candle) before a trade is entered.
EURUSD rallied up to resistance at 1.117 where bullish momentum was immediately reduced. Price has stalled at this area that has acted as key resistance since the beginning of July. Will look for closure of strong indecision candle on higher time frame chart before placing trade. SL to be placed above wick of previous candle at 1.12
After breaking lower channel trend line as expected, EURUSD appears to have stalled and is retracing towards the 1.11 area of support. This area may act as resistance sending the pair lower to the 1.095 area. However, failure to reverse off the 1.11 resistance could signal bullish momentum. Monitor price action around this area.
For the past month, USDCAD has been making higher highs and lows within a bullish trend channel. Price has recently moved downward toward lower channel line where a break of the 1.28350 support could allow price to reverse off the trend line. This area of support held strongly back in October 2015 so it is possible for price to reverse around this area. Bullish...
As discussed in last post, a break of the bearish channel to downside could indicate further bearish momentum. Expect price to push down to next support at 140.5
Price has recently broke monthly support at 149.5 and strong indecision formed on top of support at 147.5. Price may still continue lower, but it looks possible that a bullish retracement will take place moving price to upper channel line at 151.0. Entry at 148.00
Trade that I took yesterday after price appeared to be moving within a trend channel. Had recently reversed off 106.5 support and strong indecision formed on 4HR and 12HR. TP placed at upper trend channel which lined up with 0.618 Fib. SL just below support, and below lower wick of previous candles.
Since May 22. price appears to have been contained within a bearish trend channel, with price reversing each time it has approached either trend line. However, from a macro perspective, EURUSD has been moving within a bullish trend channel since the December 3. rate hike. Price appears to be approaching the lower trend line, as the macro perspective suggests it...
After the latest #Brexit poll, the pound fell sharply against the dollar, bringing price back down to the 1.1441 area that has acted as strong support and resistance since February. Bearish momentum appears to be dwindling with indecision candles forming on top of the support area. Will look to see an indecisive close on the next 4HR before going long. SL placed...
Price has been moving down a bearish trend channel for the past couple of weeks. Recently, price appears to have rebounded form the upper channel line and re-gained bearish momentum. TP set at lower trend lone of monthly bullish channel. A strong break of this bullish channel could lead to further bearish movement.
