While SP500 managed to make new all time highs briefly, the Dow struggles at resistance zone around 26700. Trump's announcement over the weekend to increase tariffs on China from 10% to 25% signals a setback in trade war talks and should send panic through the markets tomorrow and Dow could retest the green support zone. Further selling only possible if 26000...
Price reached resistance before Bank of Canada releases its rates today at 3PM London time, expected no change so all eyes on the rhetoric. Potential to get in early before the data. Short through support zone on an impulsive candle. Or wait for the break higher and go long, a retest would give more confirmation.
Daily shows overbought with candles showing rejection on the upper side of the channel. A short can be placed if we see an impulsive below 105 level on to test the uptrend line, better with a spike in volume as well. If not, a long is likely on bounce from the 105 zone.
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Looks like a right shoulder could be forming, weekly chart offers a nice view and divergence for the H&S pattern. A break to the low through 200SMA on a daily chart could signal a nice short. J&J tasked a Federal Judge to take over the 2400 lawsuits because of the baby powder fiasco so company is still dealing with the fallout.
Could be a good trade for next...
After breaking from the down trend line, spike through 5000 level. Now approaching previous broken support. Potential to short there as price could fall to retest the lows again near 3000. Weekly 200SMA is also very good support level.
Weekly chart confirmed the trend line with a 3rd touch. Daily chart shows inverse H&S pattern with RSI and MACD divergences. This could break to the upside after Easter holidays. Great reward to risk ratio.
Price approaching the buy zone again and could test the uptrend line again soon. Move cause by upbeat US PMI today.
Perfect buying opportunity with a stop buffer below the zone. First target at the recent highs.
RBA hawkish tone overnight strengthened AUD, now approaching resistance at round number, testing yesterday's highs. Look for reversals and patterns on smaller time frames, or see if the price continues to push higher.
Another touch and bounce on the uptrend line after rejecting at the top of the range. Wait and see if we pull back from here to enter short early on a smaller time frame before the line break. Or looks for reversal patterns.
Price got rejected at resistance at the start of the gap. Approaching buy zone again and 200SMA. Great opportunity to catch the next rally, target to close the gap. Stop with a buffer below the 200SMA.
With PM May going to Europe to beg for more time, the pair is highly volatile to any news. Technically shows lower highs near 1.30 support zone. Could enter a short earlier, but it is dangerous with Brexit.