When one considers where price is at right now, then it is not yet possible to say with absolute certainty that NZDUSD is going lower. We are still sitting on top of a strong support line. Only when this line is broken and closed under (on 4hr chart) then I will have a bearish bias. The reasoning behind this technical analysis and concrete targets are shown on the...
Median line analysis and Fib ratio's indicate that USDCAD can not close higher than last weeks high. Price is on the verge of breaking an Andrew's (gray) pitchfork that dates back to 09-04 and thus about to resume it's downward slope (blue pitchfork ) that dates back to 31-01. Expect price to form a double bottom with the lows from 08-05 before going up again....
Are we good to go? Is it a higher low, nicely placed at the lower median line parallel of the blue fork? It looks like CADCHF has found nice support at the 0.382 retracement, which is way above the half-way of the May rally and thus seems to be a factor conducive to further up trend advancement. I find the CAD to be very strong and to have a lot of latent bullish...
Could be another broadening wedge pattern. AO divergence and first red bar on oscillator on the 4 to 5 impulse. Median Support <190. Keeping it simple here.
Price has tested a sliding parallel of the slope( that dates back to 05-22-2013) multiple times and couldn't close above it. Additional reasons for entry can be found on the chart. Good Luck
One of the strongest trends of the recent days have allowed this market to recover more than 61.8% of the last swing down (seen on a daily chart). Now 0.83 is in sight. It can be reached and breached, as such strong markets tend to test the upper median line parallel.
-----------
Disclaimer:
There is a very high degree of risk involved in trading forex. I assume...
Price seems to be following this dark red Schiff down fork. The NZD has been very weak of late, while the CAD - contrary to what was observed not so long ago, but in March this year - has been very strong. It may continue down to the level of 0.91 or even lower. Is 0.90 going to be tested? I don't know, but if this trend accelerates, it's possible as...
Current price action seems to be following the slope of this modified Schiff Median Line set. Has it found support yet? I don't think so, as the potential buyers would have a problem with placing their stops here, so I expect a further decline. The CHF continues to be very weak and its momentum is now flagging. The JPY is doing quite well, it is strong and gaining...
I think GBPUSD is entering a range, if not already in a range from a long term perspective. I have given the supporting explanation within the chart. I have also provided a potential short opportunity in the near term, as explained in the chart. This is backed by the Volume analysis done in the linked Futures chart. Do let me know your comments.
Context:
NZDUSD is currently trying to rise after a sharp drop. Is this rise part of a correction or part of an upswing?
Analysis:
Based on my analysis, NZDUSD completed a five wave upswing on Mar 28, 2014, followed by an Expanded Flat abc correction ending on Apr 29. This was followed by a wave 1 which ended on May 06, which was higher than wave b of the prior...
It has already hit the 79% of prior HIGH and bouncing back a bit. IF it pulls further, two supply demand/support/resistance levels should allow for scalps OR resuming of major trend UP. 79 ceiling would be short term exit.
As much as I wanted to see my short position work out, it looks like you can't fight the trend.
Logarithmic + Pitchfork, nice channel eluding to $5500+ on the next peak.
Also shows that we're at the bottom for now.
RSI also shows we recently hit a low point, which coincides with the beginning/transition of every other bubble we've seen thus far.
EMA / MA...
