5 week uptrend broken when RBNZ announced they would keep interest rate the same.
This was followed by bad news and the RBNZ officials saying they want a weaker kiwi.
Could drop more so keep eyes open !
- Happy Trading !
Downtrend. Weekly Supply formed overhead. Lots of room to run to Weekly Demand.
Downtrend. Price hanging out in the tested Daily Demand area (which was a reaction to a Daily level to the left). Don't expect level to hold.
You can see a little SZ which I didn't catch, that would have presented a nice ...
There is a 1 year Rectangle Pattern forming on CADCHF. Pattern is still to be completed. 0.7240 has proven to be a very strong support. Possible test of the low which could result in a great long term buy entry.
I have not been able to find any conclusive data regarding whether or not this rally has been all time record for the Russell 2000 Index. Investor confidence has soared to all time highs via 3 week rally. Although I am glad to see this rise occur, I do not seem to understand the logical or fundamental justification ...
Proper patience is needed throughout the life cycle of the trade, at entry, while holding and exit.
Price has broke the previous trend line and RSI suggest one cycle is over. Right now we should be
in correction and it should take awhile to develop then advance for another leg down. Watch it.
This 4HR EURAUD chart shows a potential cup and handle pattern along with an ABCD pattern where AB leg is equal to CD leg. I have a a target of 1.5200 which is confluent with -61.8% Fibonacci extension and also previous daily resistance from back in April of this year.
Watching price action closely as it can skyrocket at any point.
Shorting the pair currently and hoping to get to 50% retracement
Don't think pair will hit 0.76800 in 1 impulse move, expecting another correction some where along 1.272
1.618 and then another move up hopefully!
Prices seemed to be stucked in a downwards channel. There is a good opportunity around the area 1313.50 to setup a long position. If prices head down, we can expect prices to bounce back a bit as there is a area of support and the 50.0% fib levels to hold prices.
In the first 2 hours of trading UJ managed to carve 30 pips lower to 106.3 but since then UJ has edged higher to 106.8 highs (atm 106.7).
Whether we will hit the target at 105. im not sure, the starting data has been mixed.
Whilst we ticked lower 40 pips which was a good sign, we quickly pulled back all of them ...