DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
Ok everyone so this week Im gonna step away from one of the pairs that I usually trade. Mostly because I had a good experience with this pair last week and I want to try it out this week. So here we go...
Weekly: On the weekly charts we see some serious resistance area around 0.73818. There have been small breakouts but I dont consider them too important seeing as how the candles closed below those peaks. There is also a support line formed starting from August 24th of 2015. Making higher lows thus making an uptrend and forming an ascending wedge.
Daily: Here we can see a little better that resistance area being held around 0.73458. There is also a resistance-turned-support area around 0.72442. Price also closed below the MA this friday. This along with the rejection from that resistance area, could be a sign that the price will retrace. I would probably look to short this pair.
4hr: Ok on this 4hr we see the price has tapped the MA but still unable to break it. A bearish trenline seems to be forming here.
I will look at the 1hr chart on my own in order to look for entries and will look to short this pair.