I do not believe we fall below the important support level drawn by the red line. It had shown as vital support in the past and i believe we will see the same here. A further decline does not seem warranted also because of the RSI's divergence to declining prices showing that strength is increasing. After such a decline we should see a breakout to at least Fib 50%...
WTI: USOIL Pushing up against resistance again so am locking in profit - it still looks strong - but you never know - so am locking in now and looking to go long again 15 or so higher once overhead resistance is cleared
UKOIL Brent Spot: Like WTI it will hopefully get sold sold off on open in Far East about 10pm Eastern US time - if it does it should present a good buying opportunity at 51.09 for rally to 52.53, then 53.50 - worth setting a buy order up and seeing if it gets struck - and if it doesn't do the ideal and rallies from here and not lower down, it's still worth...
USDCHF is forming perfect triangle to short or buy break of this triangle.
We can see on higher timeframer that USDCHF is strong downtrend (Daily and 4H)
But be careful when prices meeting Supports and Resistances
I will update this trade when the prices will be close to the breakout with a excact SL.
Don't forgot to trade with proper Risk and Money management...
after rallying into the 1.618 extension and hitting overbought territory it's safe to expect a downturn on this breakout, when setting up a Fibonacci retracement we can see that the market is looking for a support at the 0.382 where market had previous resistance, when hitting the 0.382 it would be safe to assume we could be looking for a trend continuation
Our analysis sees NZDUSD heading back up towards the top of the current flag pattern.
There is a perfect opportunity now for an entry point, with the 4h candlesticks looking to form a reversal pattern from the small bounce off the 200 MA.
Enter long, TP at 200 MA.
Enter long, TP at next trendline.
SLs below the local low or flag trendline.
Pair's remain within the descending channel, I believe in the possibilities of resuming further downwards.
But observed a quite strong upward correction, likely to grow up to 102.65 and could extend to 104 (medium term range)
Worst scenario, if the assumption is correct then stop order will be placed accordingly shall the pair's trading up until 104 -105.