Uj is in completing its first pull back since the election at the 38% fib on a daily time frame. daily time frame also supports the bullish return.. for now at least.
the 4h chart is marked in the past day with having double bottomed on a support line following a breakout that could prove to be false. that being said this is the first time the pair has closed...
this is the first actual pull back in price since UJ's bullish run that started during election night.
most times there will at least be a double top or retest of a high before price completely drops. we have yet to see that.
-price has been sitting on the 38 fib which also lines up with the 112.5 quarter point. price has failed to completely break the quarter...
market structure is beginning to change on the 4h chart. price is making higher lows and higher highs.
on the monthly chart we just hit a triple bottom, based on past price action there will probably be a rebound here.
EMA's have crossed as well. price should move up to the 200 red EMA around 1.08329
UJ has gone from making higher highs and higher lows on the 1h and 4H chart to making lower highs and lower lows.
We have just established a valid bearish trend line and on the 4h chart the ema's have crossed indicating a shorting opportunity. price will likely drop to around 110.0 before moving back up.
-Since Brexit the UJ market has been in a 650 pip range between the large quarter point of 100.000 and the halfway point at 105.000(quarters theory). So logically i would expect at least a 600 pip breakout in whichever direction the market goes.
- UJ has respected the bullish trend line drawn starting from 2012 and after the third touch since brexit has created a...
UC will go to the 1.38348 area before reversing downward.
it has just broken the 38% fib which also lined up with a strong weekly resistance line. the next strong resistance is at the 61% fib which also lines up very well with weekly resistance.
AU has just made another tap to the trend line that has been respected since the first of this year, another higher low indicating we are still in an uptrend on AU even though on an hourly time frame we are trending down.
-the monthly uptrend trumps the hourly down trend now that we have touched the trendline.
-hourly we have still failed to break the previous...
-GJ is forming an inverse head and shoulders pattern on the 4H chart.
- "head" touched Daily trend line and was rejected
- Right shoulder is currently sitting on 61% fib level of the bearish move to the head, if it rejects here I will enter a long position.
- The right shoulder is also sitting on a previous trendline
AU has touched the monthly trend line with the "head" of the formed head and shoulders pattern and was rejected.
it has also just broken a 4h trend line at the completion of the head and shoulders pattern.
To further confirm, the right shoulder hit the 61% of the head before falling. which is a common factor between most true H&S formations.
as i was making this...
-EU broke a trend line and weekly resistance in one swoop on 8/26
- Followed new bearish trend line until 1.11773(orange) support line took over
- double bottomed and then poor USD news spiked it up past a minor resistance line. next major resistance line will be the retest of the weekly support broken on 8/26 which also lines up with supply/demand zone and what...
We are reaching the end of a pennant formation which is also aligning with minor support and a supply/demand zone as we get close to the brexit lows. Price is going to have to make a move out of this formation soon and it could continue to go down but likely not further than 98.2 as that is the bearish channel support line.
TDI is also very close to oversold on...
UC has clearly broken out of the bearish channel that started back in January. While the new bullish channel is rising slowly it does not change the fact that the trend that started in January is now broken. As of July 11th the 20 and 50 ema crossed confirming the uptrend. since then it appears that price is retesting the EMA's as support and they also happen to...
On the 4 hour chart we have just tested monthly resistance(light blue line) where it also intersects with the monthly downward channel since roughly 2013. the intersection of the trend line and resistance line, along with being oversold on the TDI indicate a pullback of the market, my guess to at least the 38% fib line over the next few days. That being said with...
Looks like we are in the first leg of an elliot correction wave, if one of the next few 4h candles is an engulfing bull then long it until roughly .7208 for a small profit and then wait for price to bounce off of resistance at .72158 before shorting it at .71964 to make sure that it is following the correction wave. the supply and demand zone that has been...
AU has broken minor resistance and has now found support on that resistance line and new resistance at (.762). The newfound support also lines up with 23% fib which could slightly strengthen its support. TDI indicator isn't showing overbought yet either which means their is more room for a bullish market. AU will likely continue to increase to .764 where it has...
