OANDA:EURNZD Bearish AB=CD Pattern with a small retracement of the AB and an over extended CD RSI divergence and exiting the overbought zone MACD crossover and histogram going into negative territory initial target 0.382 retracement at 1.54065 (previous structure)
OANDA:GBPAUD Looking for an oportunity to enter on smaller time frames since the Pattern already completed Rsi just went from overbot to neutral area having Divergence MACD turned positive and have a crossover initial target is 1.73859 zone
On the GBPJPY we are waiting patiently for price action to confirm the downside momentum as we await the UK open. So far so good we are just waiting for a new low at 133.4.
A friend asked me to create a setup that he could have on his phone and he could get alerts on potential trades. So this is what I came up with a slight modification of a system I have on my desktop. 5/21 Cross with a couple Friends! Setup: 1) 30min Chart Only 2) 5EMA and 21 EMA 2a) I added a ribbon to make it easier to see on a phone. 7,9,11,13,15,17,19...
on the AUDJPY I'm waiting for the breakout and confirmation of supply areas as highlighted on the weekly and daily charts. Again I'm using trend (which is down) to assume that the breakout of Price Action(PA) will be down. As we look to the downside we look to break a demand(support) area from 2009 as highlighted on the weekly chart. To find out more about my...
Ideally, cable could still rise up towards 1.3925 area before turning down. But a break below 1.3040 gives way to more downside movement.
Aussie did not reach 0.7700 area. Instead, price started to drop. A break of the lower boundary of its corrective channel, around 0.7485 is an indication that the pair already topped at 0.7675 last week.
Price made a decent 5 wave down which has already ended at 1.2795. Ideally, cable may temporarily rise towards its 61.8% retracement at 1.4165 area before downtrend resumes.