USDJPY just crossed below a key 109.9 level
If price is able to hold below this level, further downside can be expected.
I'm currently watching to see what extent this pair is pulling back by. Ideally, I'd like to see some kind of pin bar or weakness when price trades back close to 109.9.
Key Details At A Glance:
Uptrend died out in early September and we already saw an initial move to the downside.
If this pair holds below the 0.67585 level, there's another scaling in opportunity as I am expecting selling momentum to pick up.
Key Details At A Glance:
Price made a massive reversal back in early June. We're currently in a downtrend.
The current 0.73565 level provides another opportunity to scale into this downtrend.
Even if price crosses above, I would be monitoring to watch for some kind of exhaustion and for the level to break to the downside.
EURGBP closed the previous week just below this level. In this week's open, we're seeing price continuing to sell off. This is a good sign that we're seeing a major reversal underway. If so, this'll lead to great payoff.
See Signposts on chart for key price action details. We see resistance hold, which represented the upper boundary range. However, it produced a weaker selloff. After a rather bullish spike higher at the end of the selloff, price failed to push to new lows. It drifted lower, which indicates that it's likely there's a lack of selling pressure. Plotted path is...
Reversal is underway as confirmed by the higher low formation. This is considered by breakout continuation strategy. As long as this level holds during a structural reversal, we can expect further upside.
See Signposts for key price action details.
I generally don't like breakout continuation plays as I often don't find them working out. Lately, I've been refining this so that I'm only trading the breakout continuation when a "reversal" move is underway. This tends to be more reliable than trying to trade a breakout continuation in the direction of the existing...
NZDCAD H4 - Pushing resistance, now, looking to see a rejection and selloff back downside. This has always been a better setup to buy from support, rather than to sell from resistance. Purely because it's bullish consolidation and the wick zone is clearer from support than resistance.
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As we can see that the pair had an amazing rally starting from 116.934. It's now close to its resistance (Resistance D1). It will be interesting to see what the pair does after hitting the D1...
In an hour frame, USDCHF setting a return trend in an effort to entertain the sellers. Check out the chart, candles are getting arrange to take a switch. In that case, the 1.004 would be the next probable stop to make sellers happy, parallely, the 1.00811 would be the maximum end zone.
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