Seeing today's high test bar close rejecting a past level acting as both support and resistance within close proximity of a Fibonacci cluster (38.2% and 50%) drawn from two previous swing/cycle highs and rejecting the falling trend line for a third time highlights this end of day set up as a potential selling opportunity. Recent lower highs and lower lows...
LOTS OF UNCERTAINTY WITH GBP BECAUSE OF THE ELECTION WHICH IS CAUSING THE POUND TO DEPRECIATE. PRICE BROKE OUT OF THE RANGE LAST WEEK AND IT IS NOW LOOKING TO RETEST THE RANGE LEVEL (SUPPORT TURNED RESISTANCE). THIS IS A TEXTBOOK TREND CONTINUATION PATTERN (BREAK,RETEST,CONTINUATION) IF PRICE MANHES TO RETRACE BACK UP TO MY SELL ZONE I ALSO HAVE 2 FIB CONFLUENCES...
USD/JPY broke above the December 2014 high and closed well below. Recent price action appears to be trending after a consolidation breakout , near 120.40-120.65 , to the upside and break above , also, above the falling trend line drawn over previous highs . A possible retest of this trend line which lies in confluence with the 20 ema , a previous ...
The AUD/JPY daily chart displays consecutive lower highs and lower lows with a potential short setup to continue the visible falling trend (supported also by downward trendline). The current corrective phase seems to be running out of steam in initiation of a potential impulsive phase, with the production of a bearish reversal price bar: - ricocheting off a...
Price action is trending downwards establishing consecutive lower lows and lower highs. A bearish high test rejecting the 0.7490 level, the 50% retracement and closing under the 38.2% Fibonacci level symbolises a continuation setup short potentially into 0.7190. entry - below high test stop loss - above high test target - support area at ~0.7190
A low test close on CHF/JPY presents an opportunity for a long position. Today's low test price bar has tested the 114.70 level and is likely to close above it as well as above the 50% retracement and the 20 ema. There is, adding to this setup, supportive hidden bullish divergence (trend continuation divergence). The Stochastic indicator is in oversold territory...