AUDUSD is presenting us with an opportunity to short.
Price has formed a double top at a significant level of horizontal structure and channel resistance with clear RSI divergence, suggesting buyer exhaustion.
Price has also been moving in a rising wedge pattern.
If price continues to trend down, my first target will be the .382 and .618 Fib Retracement +...
This is an update to my previous idea:
Here price has reversed from the .5 retracement and continues downward targeting the 1.272 extension of the recent bearish impulse. This level has strong confluence with structure looking left.
EURAUD has reversed off of the 50% fib retracement and a head and shoulders pattern is nearing completion.
My initial target will be the most recent level of support with a stop above the right shoulder.
USDJPY has moved in a rising channel to retest the .382 fib retracement level of the AD impulse wave.
Price has recently broken this channel to the downside, and has broken below horizontal support.
I expect the price to retest the broken channel before continuing to the downside.
EURNZD has reversed after retracing 50% of the most recent bearish impulse leg.
We also have a large bear flag that has been broken, and a small bear flag that has been broken as well.
Take profits are as follows:
TP 1: Most recent support
TP 2: 1.272 Extension of AB impulse leg
TP 3: 1.414 Extension of AB impulse leg & AB=CD pattern completion point
Here NZDUSD has reversed nicely from a fib confluence zone between the .618 retracement of the large bullish impulse, and 1.272 extension of the smaller bearish impulse.
Further confirmation signs include a broken falling wedge and bull flag, as well as clear RSI divergence.
Target 1 is based on recent resistance.
Here we have an opportunity to sell the breakout of the rising channel . USDCHF is experience a strong selloff, so I will be looking for areas to short the pair.
This is a possible short level with structure confluence, as well as clear RSI divergence.
*I will not enter the short until I have further confirmation signals.*
Here the Dollar Swiss seems to be following the same movement as it did previously.
We have a reversal off of the .382 retracement with price consolidating in a rising wedge pattern.
If the pair continues downward I will target the 1.272 and 1.414 extension of the most recent bearish impulse leg.
EURNZD is presenting us with a nice opportunity to sell the pair after it has completed a harmonic AB=CD pattern. First target will be the 1.272 extension of the MOST recent small bearish impulse, and second target will be the . 382 retracement of the AD impulse leg: a level with strong confluence with structure.
I expect this pair to reach the 1.272 extension of the AB impulse leg, or reach the 1.414 extension of the AB impulse leg, thereby completing the AB=CD harmonic pattern.
Price is trading within a descending channel, so I will continue to sell the pullbacks.