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NZDUSD is forming the right shoulder of an inverted H&S. Watch for breakout.
A Break of the current level 1.15200 will lead to a further fall to the level shown 1.13000. This analysis is confirmed with an emerging head and shoulder pattern.
1- Objective Head and Shoulders pattern - Ellipses (still forming)
2- Long term objective trendline retest (in H4)
3- Demand Zone rejection in red
Waiting for a candle close above:
- Last Swing Standing ( rectangle)
- Round number 80.0
- Head and shoulders neckline
Price has broken a trend line, with a Head and shoulders pattern which has already broke the neckline. I expect to test the support line at 1.1569 and make an impulse with the new trend.
EURGBP had an aggressive sell off and attempt to break descending channel failed. it found support at 0.8723. this level acted as a strong support before
now its creating a Head & Shoulder pattern on H1 time frame
the neckline matches 23% fibo retracement
50% and even 61% are possible targets if it broke neckline but according to strong downtrend 50% will be ...
GBP USD make a nice inverse H&S pattern, so i will open a position after break the base.
just an idea
buying the likely dip
if price goes under 6993 then the pattern will be invalid
there is some bullish divergence growing
if it breaks the neckline we can get a probability of going further upwards in price and using the moving averages or fib levels to exit quickly and use the LT velocity indicator for the stoploss, which is that last little green ...
SHORT for Now on the Daily chart... Beware of the Bottom HEAD and Shoulder, be ready to BUY on its support line, if it breaks it, 0.94598 Zone will be best for LONG position
Possible H&S on the weekly coming up. Let's see if it presents an opportunity. I.e. Short the retest of neckline (assuming it gets broken)
After analyzing this element, I have come to the conclusion that Gold is moving in a BULLISH trend.
NZDCAD has been forming this Inverted head & shoulder pattern which has broken the neckline...price managed to retest new support..my long entry has been made my stop is place below the head.
In 4 hours candle chat, we can see prices approaching previous head and shoulders support became resistant.
I see inverse head and shoulder. This should hit around 291 range. I just entered long.
Looking at Bearish Bat Pattern completion at 113.82 which came within the same Sell Zone, and it is within the range of the retest of Head and Shoulders.
Exact entry, stops and target will be share with my inner-circle.
Possible Head and Shoulders Pattern
We can see a Bearish Head & Shoulders on the Weekly chart, I'm shorting the EUR against the strong US Dollar.
USDZAR head and shoulder on the Day chart, short bias