Looking at the chart in H4 timeframe, we can see that the overall trend is down. Market has been consolidating and grinding up slowly since hitting a low 0.8460 but still contained below resistance zone 0.8530. Possible scenarios: a) if price breaks and closes above 0.8530, then will be looking for long entry to trade up to next resistance zone around 0.8660. b) if price breaks and closes below the ascending triangle, then will be looking for short entry to be in line with overall trend.
Hi casey, so u suggest price goes all the way down to 0.84?
Casey_Yeo
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0.84 is definitely possible.
Sam0101
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omg u sure about that..... later on is going to be the kiwi employment data !
Casey_Yeo
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I believe that anything is possible and can happen in trading as in life.
Sam0101
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Thanks casey, can u update n draw us charts in this pair. Thanks
CapnOscar
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well.. maybe even 83.650 with tail.. just -2/8 zone..
CapnOscar
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For the long term Weekly Murray [-2-8] Overshoot hints descending will continue... 4Hrs Murray at [4-8] 0.85450 is Major resistance... recommended go short from there
Casey_Yeo
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Thanks for your comment. I have to admit I have zero knowledge about Murray...
CapnOscar
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well... MACD and Math Murray Lines works smoothly together. and help of Heiken Ashi :) google if you interest