The DXY has seen an extreme selloff but looks to be recovering while the EURO seems to be hovering around the 0.786 retrace and showing a Dark Cloud Cover Bearish Reversal pattern along with Bearish Divergence on both the MACD and RSI.
As you can see there is also bearish cypher pattern in play which could fuel further downside on this pair.
I think the target will be at 149.50 in order to price make another pattern for retracement.
For now we will just focus on the downside because we don't know where price will stop the drop in the future.
Sell GBPJPY 151.70
Stop loss 152.30
We saw a potential bearish cypher pattern on this pair.
This 0.7780-90 area could be potential reversal zone. Also AUDUSD has been holding 0.7810-20 area as resistance very well. Only a close above those area could trigger more buyers into this pair.
For now, as long as price below 0.7810-20 we could expect price to go down.
Sell AUDUSD 0.7785
WAITING FOR TRADE TO TRIGGER AT THE %78.6 LEVEL OF THE X to C LEG. TP1 = %38.2 OF C to D TP2= %78.6 OF C to D (TARGETS WILL MOVE HIGHER IF D PUSHES ABOVE ENTRY STOPLOSS= 1.13% OF A to X STOPLOSS MOVES TO BREAKEVEN ONCE TP1 IS HIT AND HALF THE POSITION IS REMOVED
Apple had a hype rally in the Post-market after a beat in earnings but all gains were quickly lost after hitting the 0.786 Fibonacci Retrace and now we have confirmed Hidden Bearish Divergence on the MACD. I expect that Apple will trade lower to fill 1-2 of the gaps it created on the way up.
The Formation of the bearish cypher on the daily is a good reason to go short on the EURGBP. There was a butterfly reversal that formed in the sell zone which aligns near perfectly to the entry of the cypher I you can find a link to below in the comment section. I will attach some of the entries on the lower time frame in the comment section.
Bearish cypher harmonic pattern forming after the sustained upward movement. A few ideas for levels it might retrace to based on the daily, weekly, and monthly pivot points. Bulls have shown a lot of initiative, but we might not be out of the woods yet...
Juz as I thought the fcpo-may is going to go down, it went up straight away and ...still haven't proved me wrong...
don't get this on the wrong side...this is not emotional, I am not trying to save my sorry arse...as long as the price didn't pass the previous high at 3720, we still don't know whether this is still a bearish call or a bullish call...however, if...
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Analysis of #AUDNZD
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Strategy: Bearish Gartley harmonic pattern.
A clear chart is...
HI BIG PLAYERS,
today I show you a possible bullish setup, based on Cypher Harmonic Pattern.
The setup is to use on EURUSD. It seems that the EURUSD will try to catch the last high.
After that I think that a downtrend will be developing.
The RRR (Risk Return Ratio) would be 1:5. For every invested 1 Euro you can gain 5 Euro.
Please look on the chart.
FET is forming a Bearish Cypher pattern against BTC, with the CD leg forming as we speak.
Price Rejected at the 1.272 Fib extension, confirming the formation of a cypher.
Also forming a falling wedge, indicating an upward relief rally.
Bearish cypher pattern - CD leg forming
Bullish divergence on the 4h to the daily chart.
Historical performance, although not a guaranteed factor of performance, shows similar divergence on the daily with a pull back of 30%. This time, however, the pullback might be below 20% as the pattern is of smaller magnitude.
Have fun, stay safe!
Buy @ 1.30670
From the analysis a bearish harmonic pattern is formed in the shape of W, The price was supposed to go down rather it reversals, which means the end of a previous trend and starts the beginning of a new trend.