AUD/USD has formed new structure recently showing signs of a trend reversal. Whether this continues to hold longer or not is for price action to reveal. As for now, a potential bullish continuation is brewing after what seems like a shall retracement. The close of price action by end of day as a low test bar above ~0.7250, where price has found support, will...
With the appearance of Stochastic and RSI bearish divergence on the chart this pair is a bit of a hit-and-miss. However, since price action made a low test bar finding support at ~2.0200 and the rising trendline, and also rejecting the 20 ema there is a possibility of a bullish continuation to rejoin the up trend. entry - above high of low test bar stop loss -...
Technical observations supporting a long trade: bullish low test/reversal pin bar; retest of previous support at 95; and 0.618 Fibonacci retracement and possible close above 50% retracement.
Confluence of factors supporting long trade: - recent uptrend (HHs and HLs); - bullish low test close; - 20 mean bounce/rejection; - support at ~0.7800; - 0.618 Fibonacci level rejection and close above; and - RSI and Stochastic convergence. entry - above today's high stop loss - below today's low target - most recent swing high and above
USD/JPY broke above the December 2014 high and closed well below. Recent price action appears to be trending after a consolidation breakout , near 120.40-120.65 , to the upside and break above , also, above the falling trend line drawn over previous highs . A possible retest of this trend line which lies in confluence with the 20 ema , a previous ...