Morning starts with a good trade, wolves🔥
There is an ascending triangle on NZDSEK .
There was a strong bullish sentiment before. So could it be a signal of growth?
Follow the chart and look for the breakout carefully.
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Pattern: Channel Up on 1M.
Signal: Bullish as the pattern made a Higher Low and the bullish leg is half-way through to the next Higher High.
Target: 6.4500 initially (just below the 1W Resistance) and 6.65 (just below the 1M Resistance) in extension.
The pair is trading within a 1W Channel Down (RSI = 47.865, MACD = -0.019, Highs/Lows = 0.0000) since March and the neutral technical indicators suggest that the price made a Lower High within the Channel and is preparing for the next bearish leg towards a new Lower Low.
On top of that the Lower High rejection (on the inner dashed trend line) took place on the 1D...
The pair successfully made a Higher Low within the 4H Channel Up (RSI = 57.295, MACD = 0.008, Highs/Lows = 0.0000) and at the moment is bouncing back up. Our estimate for the next Higher High is 6.2020 but we'll use a more moderate TP = 6.1800. However this time it will be face heavy Resistance at 6.1250 which is the Resistance of the 6.0495 - 6.1250 High...
Looks like market was forming a down channel and has already broken out but expecting some more upside to follow.
Also, with this down channel we see an inverse head and shoulders within which in-turn should breakout to the upside and therefore more upside to be expected with both patterns observed.
Yellow horizontal lines indicate target zones for more...
The price is trading on a stable 4H Channel Up (RSI = 68.273, MACD = 0.025, Highs/Lows = 0.0242) and is approaching the patterns potential Higher High ~6.1250, which also happens to be the Resistance on 4H. This combination creates an optimal sell opportunity on a very short term basis, TP = 6.0600.
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NZDSEK made a Lower Low on the 1W Channel Down (RSI = 39.460, MACD = -0.025, Highs/Lows = -0.0723) slightly lower than its bands suggested but it still rebounded. On a 1D basis it will face significant Resistance at 5.9440 but if broken, should extend for the full 1W Lower High near 6.050.
The pair is trading on a medium term 1D Channel Up (RSI = 58.436) on slow pace (MACD = 0.018, Highs/Lows = 0.0216, B/BP = 0.0626) since the 5.9500 bottom. The dotted lines are supports and long entries. Our TP = 6.2500, ext = 6.2800.