Not much to say here, due to the fact that this trade is in such a small time frame and is relying solely on technical analysis.
Time frame: 30M
Length of Trade: 1 day to 2 days
Entry: Between 1.7075 to 1.7065
As most of you know the Aussie Kiwi is classified as the "traders favourites" this is due to its simplicity low turmoil and fundamentals and high volatility for daily gains.
Currently we are having a bullish flag and we will be seeing bullish movement this week on market open we get a setup for a buy.
We are moving in an ascending trend line, a breakout from the trend will see short to resistance 1
if we see a rejection at 1hour chart of the current price will have an opportunity for a bearish movement
to a key level
We can see on H4 + H1 a flat KUMO + a Twist suggesting we are in a range.
M15 showing a potential double top.
Stop loss + target shown on my chart!
Risk Reward Ratio: 4
Trade at your own risk.
MARKET CURRENTLY STILL CONSOLIDATING AROUND THE NECKLINE.
WE EXPECT TO SEE MARKET BREAKOUT FROM THIS ZONE SOON HOWEVER WE WILL WAIT TILL WE GET A CONFIRMATION FOR THE SELL SETUP BELOW THE NECKLINE OF THE CHART FORMATION.
A very similar setup across all USD pairs here as NZDUSD shorts become over-stretched. Here tracking an initial correction back towards 0.66 in the coming sessions as markets begin to price dovish Fed expectations into USD. The main target in the swing here is 0.70 (see attached: NZD rate repricing).
Those following the conversation on NZD these past few weeks...
Price is approaching our first resistance (horizontal swing high resistance, 61.8% Fibonacci extension, 50% Fibonacci retracement) where we might see a drop below this level to our first support level (61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial...
- Price has been supported for a trendline since last December
-Broke out to the down side
- Now retesting
- Pin bar in the H4 rejecting area of resistance (there's also a candle in the daily chart rejecting this area)
- Waiting for confirmation (e.g. bearish engulfing candle)
- Posible target to previous area of buyers
What do you think?
TRADE IDEA ON AUDNZD
Before explaining the trade we will see the context of this instrument on the Weekly chart:
On the Weekly chart, the main items we can see are:
a)Price broke out from an ABCDE Triangle formation ( Triangles are continuation patterns in this context)
b)After the breakout price tried several times to...