At this point it is pretty clean and simple. AUDUSD has drawn a Double Top pattern which could signal a steeper drop for the Australian dollar. The price pattern will be confirmed when the price will break the base line. Fundamentals are not that good for Australia. Westpac Consumer sentiment dropped, Iron ore at September 2012 lows, China is not importing that...
Update from the previous chart for USDNOK, we see three patterns confirming the target of 5.83530, Risks: 20/05: Norway GDP release forecast 1.34%. Prev 1.1% y/y | forecast 1.52%. Prev -0.2% q/q 22/05: Unemployment rate. Its been stable at 3.5%, so any downside reading could pose some threats to this trade.
3 possible shorts: 1. Short at TL with double top 2. Short at small bearish crab 3. Short at gartley 96 even handle
Made an aggressive entry this morning @0.8625 hoping this Cypher pattern to unfold... The double tops also suggest a possible 2.618 setup for further proof downside. For now I need to see break and close below 0.8607
What a great respect of levels, solid structure with no gaps. If this double top holds, expect ret. to lower CZ boundary.
Looking at JO the recent strength in looks super bullish. Eventhough im proposing the alternate idea of a double top, I still think the bullish trend is intact. However, i can't help but to think about the downside risk. I believe coffee needs to consolidate, either though price ( a sell off) or through time (sideways movement.) I don't feel comfortable going...