My two favorite setups for the day are the AUDNZD and the USDJPY.
Both are showing top patterns with accelerating short momentum after hitting major resistance areas.
The AUD/NZD is already on the move and currently hitting a previous support zone. It has quite a bit of room to the downside. The previous squeeze on the AUDNZD with the long wick added good context here.
The USDJPY also 'feels' like it's ready to top out but the trendline held nicely so far. The latest push into 104.50 and above a previous resistance added some more confirmation to a sell scenario. The divergence on the RSI is also obvious after the latest push.
I explained both setups yesterday as well in my video update: www.youtube.com/watch?v=ycbph6XC...
Both are showing top patterns with accelerating short momentum after hitting major resistance areas.
The AUD/NZD is already on the move and currently hitting a previous support zone. It has quite a bit of room to the downside. The previous squeeze on the AUDNZD with the long wick added good context here.
The USDJPY also 'feels' like it's ready to top out but the trendline held nicely so far. The latest push into 104.50 and above a previous resistance added some more confirmation to a sell scenario. The divergence on the RSI is also obvious after the latest push.
I explained both setups yesterday as well in my video update: www.youtube.com/watch?v=ycbph6XC...
I have been trading for 15 years!
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> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: www.tradeciety.com/webinar/
> Free blog: www.tradeciety.com/blog