PA may potentially form a Bullish Gartley Pattern. However I've identified two scenarios where action may be taken. For our Bull setup i've identified my reversal zone at about 0.70484/0.69796 confluence with (78.6/127.2) fib levels.
However price may go to break the top of our previous high, only then will i wait for price to reach a nice supply area, either at...
A clear rising wedge could be seem being formed on USDCHF. With this in mind, a short opportunity is available in the near future. Keep your eyes open, beware of stop hunts, and wait for the break lower before entering.
A highly oversold RSI suggest that NZDUSD may create a small retracement upwards towards the 76.4% retracement region. I would suggest everyone to wait for the break before entering
EURAUD seems like its stuck in a Triangle formation. If you look back on historical price, there seems to be a reversal around 1.450 area. This would be great swing position to get into.
USDJPY is showing some bearish divergence. With prices hovering around the 76.40% region and prices losing steam to break higher. I expect prices to head down to around the 61.8% region.
USDCAD is currently hitting levels of strong resistance where prices failed to break out higher for a while. I nice scalp to the short end will play nicely in this situation.
Here are my key levels for EURUSD based on the weekly chart. Price is getting squeezed against the trendline and supply area so we should expect some good opportunities soon.
GBPUSD - RESIDING IN A FORMAL BEARISH PENNANT (DAILY)
1.4420 SEEMS TO BE A STRONG BARRIER (LOWER HIGH) POINT OF RESISTANCE.
1:2.3 RISK REWARD WITH A TARGET AT THE WEEKLY AREA OF SUPPORT 1.4260.
A BREAK OF 1.4260 WILL LEAD THE PAIR RELATIVELY LOWER TO 1.4200.
HAPPY TRADING!
NZDUSD broke a major resistance line on a daily timeframe developed since June 2015. My play on this pair is waiting for a pull back towards the 0.68625 before entering a long position. I expect the pair to head to 0.70221 in the near future.
The overall trend of GBPCHF is bearish at the moment. After seeing a retracement back up to 1.1427 and failing to create a higher, a strong push by the bears indicate that the downwards momentum will continue. With a break of an upper limit and small break of the lower limit trend line, I expect a retracement up before down lower.
Clear breakout from EURJPY. As always, I like to play conservatively, I'm looking the pair to retrace back up to 126.050 before entering short to 125.571. If you are an aggressive trader, you could short right now.
August 2015 lows as resistance to USOIL at 39US$
As we all know USOIL mainly reacts to markets' moves, so we will have to see how markets pick up the
doom & gloom news from the ECB on monday/tuesday.
Technically it clearly is a short, with growing bearish divergence in the H4 between RSI and the curve.
Decline is possible down to 34US$ (0.382 Fib support +...
