AUD/USD weekly- Technically still in a downtrend. Downtrend line not breached yet.
AUD/USD hitting old January highs (yellow horizontal line), with upper bound of Rising Wedge. Plus daily chart RSI at 80! Very overbought conditions in the short term.
Rising Wedges, especially for downward breakouts, are some of the worst performing chart patterns. Downward breakouts have an unacceptable high failure rate and small post breakout declines. They also have a 72% probability of pullbacks. Rising Wedges breakout direction: 60% probability downwards. thepatternsite.com From Thomas Bulkowski- encyclopaedia of...
An ascending wedge has formed. Also, there's a white box which is a mirror resistance level from which we can go down, and if we'll break it with volumes, we've got a long-term resistance line in the zone of 0.67-0.68 from which we'll see some falling. Best regards EXCAVO
Strong green buy signal stopped on March 2020 using Traffic lights system.
Week ahead: GDP and Inflation It is a busy week ahead for the markets as the Coronavirus is still front and center. Oil is up 75% in the past month while tensions between the United States and China escelates. Traders and investors should take caution when entering into the markets this week.. As of today, the Coronavirus death toll stands at 343,116 as the...
AUD/USD Daily- back to test the 61.8% Fib Retracement. It's sink or swim. Failing this level, it's back to the 50% Fib level.
Edges: ~ Falling wedge ~ Pullback to the 0.618 Fib level ~ Break of overhead trendline I would be looking for a move to between the 0.382 0.5 and retracement of the latest pullback, which is within the outlined box -TradingEdge
AUD/USD daily- Reflecting down off its 20 simple MA Also, must reflect down below its 38.2% fib retracement level at 60.92
Watching AUD as we approach this resistance area. Looking for signs of weakness in the market structure before taking a short position to the 0.57 area . If it breaks through then next resistance is the 0.645 area.
My current position after AUDCAD showed strong bearish momentum.
Changed my mind as I was proven wrong. Now long since the breakout was defended.
After the H&S got confirmed, we encountered a bounce on the 0.684 area, jumping back up to the next zone at around 0.686 (50 EMA). As seen, this is a big resistance zone, where the 100 and 50 EMA meet. Therefore, my analysis suggests that there's a bigger possibility of getting rejected on the 4-hour timeframe. PS: This is not financial advice.
USD/CAD is getting really close to make it's 3rd touch on the upside, which coincides with the 1.464-1.468 resistance zone of it's descending channel so a breakout it's possible. Since this is a volatile market there are a few thing you should take into account: For longs: -Wait for a decisive candle close above the channel and the resistance zone and look for...
The major trend is down trend Short term is up trend The price retest the down trend line and the resistance 0.6870 Enter only by breaking the downtrend line
This is a flipped view of AUDUSD, that to me gives a better picture of the pair. Right now it double topped and in previous times on this pair a double top/bottom has been respected. A rising wedge has also formed and a false breakout. Right now it broke out and is retest. Stop loss is a bit above the previous highs and take profit is at a point of major support.