I found broken upward channel (short term) and successful consolidation after the breakout. My advice is to watch for selling opportunities. The target is set at the price of 1.0527. I would put SL above recent high based on 1H time frame. Take my analysis like additional help to your own trading and never extend risk. Forex involves high risk.
The US Dollar has been in a bearish trend downwards ever since the start of 2017 markets
Now it has finally broken the resistance trendline of this channel.
Quite notably, the 4h candle circled broke below 100.24, an area of short term resistance that is easily seen on the 1h chart.
However, price closed above it, indicating that the downtrend is finally over...
Hey traders! No surprise here on the RBA release, but a good reason to buy a breakout now while we're channeling upward. Also, we may see some sympathetic long bias after the NZD inflation was released to be pushing 2% q/q. Long is active. Cheers
NZDUSD builds a Doubletop at a D1 resistance with an overbought RSI on the left high. For further confirmations I'll wait for a close/break of the Doubletop's neckline. Furthermore the price (M240) rised within a channel. The break of the neckline correlates with a breakout of this channel. I think this could be a good short opportunity on this pair =)
In FX it is important to leverage strong currencies against weak currencies. GBP is our strongest and AUD is the weakest on news over the past 24 hours. I'd like to get long through wave-((5))-of-v-of-(v) to ride the bullish trend. Next related predicted volatility due to news is in about 20 hours.
this is for practice purposes for myself, i only have been doing this for 3 1/2 weeks now. I realized that my fib retracements have lined up perfectly with my minor resistance lines from the low 100.110 to swing high 118.618 Fib Levels. Correct me please if im wrong but i see a potential bullish bounce off the 50.00% (109.364) area or maybe the 61.80% (107.180)....