GBPUSD having broken higher through its 1.40 handle finding resistance at 1.4070 and the falling trendline connecting the major highs. Interesting area for support is 1.4025/1.4020 for a long and play this market back up to HoD or the 1.4050 handle and the falling trend line, high from Feb20. watch out for bullish price action off this level if its tested.
Looking to continue USD strength from overnight hawkish FOMC report. Good area of supply between 0.7830 - 0.7835, continuation of trend, fib 50% retracement, daily pivot and technical structure lining up together.
targets to the downside include session lows 0.7790, 0.7774 (Jan14 low point) & 0.7760 (Jan09 low point).
Price testing longer term trendline... also the 1.23 handle, and the highs from jan15 & jan19. Will be interesting to see if the trendline holds. Reward to risk is good at this level, ultimately aiming for the 1.25 area & 1.2550 highs and taking some off the table along the way in to the 1.24's. Intraday price is holding the s1 level so far, connecting the highs...
Yesterday we gave TRX holders the chance to sell and buy back cheaper. Today we are looking to buy this pair and make a quick profit on the 60 Minute chart.
TRX/BTC has been falling for some time and has recently put in a Higher High (Circled in Red HH), and potentially a Higher Low (Circled in Red HL). We are seeing price pulling back from the high and bouncing...
It appears there is weakness developing in all AUD pairs at the moment. The AUDJPY pair is starting to look promising for a shorting opportunity as we have a counter trend pull back to Daily resistance which is in the form of a key line, downward trend line and daily 50 ema!
We also have a nice Daily high test candle to support this rejection and a minor double...
GBP/CAD 1H Chart: Falling Wedge
The British Pound is losing value against the Canadian Dollar in falling wedge pattern that began to transform from a descending channel in the middle of last week.
At the moment, the wedge consists of multiple reaction highs and three reaction lows, which means that it might be broken already in the nearest future. Even...
TRY/JPY 1H Chart: Rising Wedge
The Turkish Lira is losing value against the Japanese Yen in an ascending channel that began to form one week ago. The pattern managed to gain four confirmation points before it started to transform into a rising wedge.
In this kind of figures the currency rate usually makes a breakout in the bottom direction. However, this...
CAD/HKD 1H Chart: Channel Up
The Canadian Dollar is trading against the Hong Kong Dollar in a two week long ascending channel that started to form after the currency rate left a preceding ascending channel.
This pattern is not usual, as it consists of many reaction highs and only one reaction low.
The reason behind such distinctiveness is attributed...
USD/CHF 1H Chart: Channel Up
The American Dollar is trading against the Swiss Franc simultaneously in descending and ascending channels.
The latter pattern consists of four confirmation points, where the last one represents a rebound of the exchange rate from the monthly PP at 0.9613.
In the upcoming hours it will become clear, which formation is...
CHF/SGD 1H Chart: Channel Up
The Swiss Franc is gaining value against the Singapore Dollar in a short-term ascending channel that started to form after the currency exchange rate bounced off from the weekly S1 at 1.4007.
Depending on how you draw the pattern, it will consist of two reaction highs or three reaction lows.
In any case, there is a clearly...
Hope traders were able to capitalize on the bearish cypher that appeared on the AUDUSD 1H (and below). TPs hit, now anticipating the test of 0.79876. The 78% PRZ is actually a bit deeper than 79876, however in playing to the tone of structure analysis we are moving the potential level a couple of pips higher to ensure fill. I would not expect this pattern to...
Great medium term sell level to enter for AUDUSD
1hr and 4hr charts ready to ease off RSI
3 waves up from bottom on daily chart
hitting ichimoku cloud right now
TP1 0.7455
TP2 "yet to be determined"
SL 0.7570 (30 pips)
Harmonic formations have been proving to be very profitable on the USDCAD and USDJPY these last few weeks.
On screen we have the current completion of a potential Gartley Pattern (Blue); which could go down to the completion of a Cypher Pattern (Yellow).
If these two patterns become invalidated, we could also have the completion of a bearish Cypher above the...
I think price is forming a ascending triangle, i am not sure if the price will drop or not, BUT looking at the places of resistance and support i am expecting price to go down.
EUR/USD Butterfly Pattern on 1hour, XA 78.6 and C at 78.6 of AB PRZ at 1.272 of XA and AB = CD 1.272. Entry point could be varied as the price approach 1.1145 area. Price action also makes lower highs and lower lows, begining of a downtrend.
There is a potential bullish bat forming on the NZDUSD. As long as the C point dont go above the A point then we should be good to go. If price does go higher, a cypher pattern might form. Check my next post.
Trade with care.
