AUDNZD rallied to this year's pivot at 1.0750 then decided to break historic lows and test parity at 1.0021. It sure would be nice to see this one sided trainwreck come back to technical land and re-test 1.05 which was a major support level for pretty much the life of this pair. Should offer a good trade and I certainly would love to make some $$$ on this setup.
The USDOLLAR and DXY are pretty wedge-tastic at the moment. I'm seeing similar patterns on the GBPUSD and AUDUSD. If price action confirms a break and close (probably 8 hr or Daily Chart) then I'll be taking a swing at the AUDUSD to re-test 8000 and possibly CARRY TRADE it to 8500 area which is this year's pivot.
GBPNZD is setting up for what may be a nice wedge break for a run north to 2.000 or higher to 2.09. The long idea is invalidated if support breaks or price continues to decline.
The EURGBP is in a tight range at the moment - fingers crossed we have a breakdown to the south and a double bottom formation which may provide 250-300 pips to return to the center high and previous resistance.
Is it possible that this USDMXN is setting up for a big fall to 14.000? I like what I'm seeing thus far in the structure. It's been an enjoyable ride down since 15.5900. I would love to see another 6000 pip drop in this pair to complete the H&S pattern and hit past resistance.
EURAUD is creating a nice H&S pattern. I have a pending sell below the 1.3864 low for bearish continuation to the Weekly Symmetry around 1.3500.
GBPUSD - I may be nuts for looking long, but it's with good planning and there's no action just yet. BUT, if the GBPUSD can rally back up to 1.5025 and take out that recent high, I'll be looking long to challenge 1.5500 again. This may only happen on USD weakness or FED dovishness so it's absolutely price action dependent.
I am watching a similar setup on the GBPAUD - just looking to the 2.0270 high to be taken out then will be buying on retracements to target previous highs or the channel high. This LONG is not even considered until the 2.0270 high is taken out.
GBPAUD - I'm looking for the 1.9411 high to be taken out and then placing buy entries on pullbacks for a rally back up to the bullish flag high and channel high. Ideally, I'd like to hold profits through a bullish flag break and move to 2.000
Because I respect the heck out of this pair I don't like to be hasty with my trades. I'm setting an entry sell at last week's high to see if we can get a double top formation before a nice selloff to 15.2000 or lower.
USDNOK is looking prime for a nice selloff this week - perhaps it's FOMC driven or will do so beforehand. I'm looking to short USDNOK at this week's R1 around 8.3000 and targeting this week's pivot at 8.1000.
NZDUSD rallied aggressively during the RBNZ "we say nothing" statement. Rate remained steady at 3.5% and NZD strength ensued at a very structured Double Bottom. If this double bottom holds, we can take out the center high and rally with a carry trade towards 8000.
USDMXN on positive NFP #'s rallied to test the historic highs around 15.5000. I have a pending sell @ 15.5950 which is very close to this week's R1 and looking to target this week's weekly pivot or better yet the past level of resistance around 15.2. The MXN gets the blood pumping but typically does amazing technical things.
The AUDNZD is holding nicely at the 1.0300 lows with last week's new high taking out a previous high. I have positions pending at 1.0390 and 1.0330 to BUY this pair and trade back to 1.06 and hopefully stay in the trade if the rally continues to this year's pivot at 1.0750 area.
EURNZD is nearing historic lows again - I'm interested in confirming a double bottom or looking for a 1.27 retracement off of the recent swing to buy a bullish pattern in the 1.4500-1.4600 range. Target is 1.5000 area of higher if you manage to hold onto the negative carry.
GBPAUD is setting up for a rather convincing Head & Shoulders pattern that would push it right down to 1.9300 - this level matches up nicely with past resistance. I'm selling the neckline break at 1.9605 and will consider adding to the position provided it goes positively in our direction. One can either sell the neckline break or let price break the neckline and...
February has been a nasty wedge/range month. I noticed the GBPNZD off of this recent bearish channel resistance may push down to 2.03 or lower to find some support. Ideally, I'd love to sell and hold until 2.000 but I'll most like take profit at 2.03 or move my stop to lock in profits.
Entered forex recently... Need your advice / comments..