Hey everyone, I hope that you've been studying the markets, and preparing for the upcoming trading week. Right now I have a short t.a that you can take if you want. I am not going to, since the R:R is just slightly out of what I would want to risk.
Elliotwave analysis:
Hey guys, so right now, we are seeing what looks to be a leading diagonal. I hope you have all brushed up on what this means correction wise--- It means that we are going to see a sharp and deep correction. As a result, the first target is the 0.618, but don't be suprised if we see the 0.8 range. Leading diagonals show us that the bearish momentum is still in effect, but it is a good sign that the larger trend is changing. The stop loss for this trade would be 0.65252, or above the most recent high.
Moving average analysis: Hmm, nothing seems to stand out to me on the moving average of multiple time frames. On the 30 minute, we have bounced off of the 200 ema, and on the 2 hour we have bounced off of the 55 ema, but I don't think this is pretty important because on the 1 hour and the 45 we are also being supported quite well, so the picture being painted by the moving average is very neutral.
RSI analysis: This is where things get spicy, as I like to say. On the higher time frames, (though not really that high), such as the 1 hour and the 45 minute, we can see very minor bearish divergence. On the smaller timeframes, such as the 30 minute, we can see that there is a hard rejection of the rsi resistance and some bearish divergence. Finally, on the 15 minute time frame, we can see that the rsi has broken downwards, out of a triangle, which is a huge sign that we are headed down.
MACD analysis: On the 15 minute, we are seeing huge bearish divergence. We have peaked twice on the mad and have just started crossing downwards. On top of that, we have also see bearish divergence on the histogram.
On the one hour we can see that we are struggling to break through the zero line, which shows that a reversal might be happening, and this supports my idea that we are headed back downwards.
All in all, a pretty good case can be built, supporting the idea that this pair is headed downwards. The stop loss is 0.62525 and the target is 0.65055.
All the best, and enjoy your sunday.
Elliotwave analysis:
Hey guys, so right now, we are seeing what looks to be a leading diagonal. I hope you have all brushed up on what this means correction wise--- It means that we are going to see a sharp and deep correction. As a result, the first target is the 0.618, but don't be suprised if we see the 0.8 range. Leading diagonals show us that the bearish momentum is still in effect, but it is a good sign that the larger trend is changing. The stop loss for this trade would be 0.65252, or above the most recent high.
Moving average analysis: Hmm, nothing seems to stand out to me on the moving average of multiple time frames. On the 30 minute, we have bounced off of the 200 ema, and on the 2 hour we have bounced off of the 55 ema, but I don't think this is pretty important because on the 1 hour and the 45 we are also being supported quite well, so the picture being painted by the moving average is very neutral.
RSI analysis: This is where things get spicy, as I like to say. On the higher time frames, (though not really that high), such as the 1 hour and the 45 minute, we can see very minor bearish divergence. On the smaller timeframes, such as the 30 minute, we can see that there is a hard rejection of the rsi resistance and some bearish divergence. Finally, on the 15 minute time frame, we can see that the rsi has broken downwards, out of a triangle, which is a huge sign that we are headed down.
MACD analysis: On the 15 minute, we are seeing huge bearish divergence. We have peaked twice on the mad and have just started crossing downwards. On top of that, we have also see bearish divergence on the histogram.
On the one hour we can see that we are struggling to break through the zero line, which shows that a reversal might be happening, and this supports my idea that we are headed back downwards.
All in all, a pretty good case can be built, supporting the idea that this pair is headed downwards. The stop loss is 0.62525 and the target is 0.65055.
All the best, and enjoy your sunday.