EUR/NZD is on a downtrend and is cutting back to a major support zone which will now be turned into a resistance zone.
1. This can be spotted clearly on the 4 hour chart
2. A reversal pin bar is spotted on the daily timeframe
3. Double Top formed well on the 1 hour timeframe
The EUR vs JPY is showing hourly divergence on an overall downtrend. Also, I don't normally trade trendlines but have been experimenting with them lately. Some swear by them, others hate them. I have no opinion yet. Do you?
Lets see what happens.
What do you think?
Hey Trading Community!
Thanks for all the love on my last ideas and i hope everyone has a great weekend with a nice trading week ahead. We are looking at the NZDUSD where i took a position on Friday. Price is in a range on the daily chart since weeks. The bottom is marked in the grey box and was touched on Thursday again with a spike, indicating a bullish...
Price topped out it looks like, quick reversal will take place before price continues to be bullish. Looking for a retracement back to the 0.5 levels on fib where we see previous consolidation. DMI bears have also just crossed over the ADX and DMI bulls, this confirms that bears are in power right now. I would not enter until a little more confirmation to the down...
Eur/Aud showing continuation of uptrend... except it looks like the bulls are losing power on the hourly chart. MACD is showing strong divergance. This means that price shows higher highs but indicators such as MACD, RSI, Elders Force Index show lower lows. DMI is also showing that the bears are about to take power. I will wait to enter once DMI crosses and ADX is...
WARNING: I AM STILL NEW TO LEARNING HARMONICS!!!
Now with that out the way
On the weekly it looks like the harmonic pattern has already reached its profit goals. I also think USD is looking bearish long term.
Based on the hourly:
Euro has already reached profit level 38.2...
From the recent Swing Down, we have seen this really strong rally on the Pair. This comes from the Test of a Swing Low on the Daily Time Frame.
Shows that the momentum is to the upside. Although, we are entering a Sell Zone on the Daily Time Frame, hourly shows a clear bullish strength which may take us into the sell zone in the next couple of trading sessions.
I expect GBP/USD price to move down past consolidation. When this happens I will enter trade on the short side to profit target of 1.29376. KC have just crossed over middle DC band. MACD signifying continuation to negatives. Target is also where 0.5 on fibonacci is