CONFLUENCES:
- Rejection of 50 EMA
- Rejection of 78% Fib levels
- Break out and retest of the larger pattern
- Spinning top formation signifying a reversal
- Bullish market trend confirmed by EMA crossover
FX:GBPAUD
CONFLUENCES:
- Rejection of 61.8% Fib
- Rejection of 50 EMA on daily & 4Hr
- Bullish market structure confirmed by EMA crossover and HH formation
- Break & retest of the previous downtrend
FX:USDJPY
CONFLUENCES:
- Bullish market structure confirmed by MA crossover
- Breakover and retest of previous resistance
- rejection of 61.8% golden fib zone
- Elliot wave 5th leg
- No rejection from 51 EMA but happy with the above confluence for entry
FX:USDCHF
CONFLUENCES:
- Bullish market structure confirmed by MA crossover
- Break out from previous area of resistance
- approaching 71% fib & minor support area, I will look for rejection from this area before entry
- Inverse head & shoulders pattern formation
- Elliot wave 5th leg
- rejection of Daily 51 EMA
CONFLUENCES:
- Bullish Market Structure confirmed by EMA Crossover
- Inverse Head & Shoulders
- Breakout & Retest of bearish trend
- Rejection of 51 EMA
- Rejection of 61.8% Fib Level
- Elliot wave structure awaiting the 5th leg higher
CHF/ZAR is our specialty as you can check out our previous ideas and we spotted a wave of going up in the mid-term. As it is not a short-term move we have to be careful with our risk/reward and need to wait till we are sure that this is a false flag before giving up our position.
Therefore;
Level of entrance is 16.50, SL is 16. TP 18.40.
