Reasons for
On the 4 Hour
-We have been bearish since the trend line putting in nice big bearish candles
-We have broken our counter trend line
-We also have nice long wicks on the upside
-This shows me there is more selling pressure
On the daily
-Firstly this is a long term trade
-We can see price is down trending on the lower time frames Always go with...
USD/SEK on the daily chart quite an easy one....price has bounced between each strong zone before...its a waiting game...if price goes into either zone we will look to either go long or short...patience is the key here...
Following my post from yesterday, the market has now come back a little little deeper than where i said it would but it's still a valid long trade in terms of the structure trade i posted yesterday and if you're a pattern trader instead, the market has given you another alternative by forming another gartley pattern which has just completed. I'm still gonna be...
Technicals:
Bat Pattern (May not be completed)
RSI Overbought
Bollinger Resistance Area
Highly Suggest:
Wait for Heiken Ashi Changes OR
Wait for PSAR to indicate change OR
Sell Around Resistance Area indicate above.
1-Bullish Bat pattern completed at 0.6950.
2-Two connected bullish divergence formed over daily studies.
3- Areas of 0.6950 should hold to keep the bullish attempts valid.
I wrote on June 04 that, the USDSEK pair was on its way to re-experience the support of 8.17895 due to the negative pressures appeared over daily studies.
Read More: www.fxcomment.com
Previous Analysis: www.fxcomment.com
