- We finally had our momentum shift with an impulse to the downside back below our key sensitive area of around 0.63400
- Strong daily bearish engulfing candle, the first one in a while
- Bullish market structure has been broken as we have made a new lower low in the market
- Looks like we have finally had our shift in momentum with a bullish impulse to the upside
- we have broken the descending trendline as well as bearish market structure by creating a new higher. as well as a higher low
- Price formed a double bottom and we have now broken the neckline
- From previous analysis you can see that sellers failed to drive the market down after forming a pennant pattern at resistance. Instead we made an impulsive move to the upside
- Price is in bullish market structure on the 1hour timeframe making higher highs and higher lows
- Strong daily bullish engulfing giving us our bias
- Price broken impulsively to the upside out of a daily pennant formation
- We began to form an ascending triangle shown most clearly on the 4hour timeframe and within this triangle we formed a rising wedge
- At the top of this rising wedge we saw price slow down in momentum with big wicks to the upside on the daily timeframe and also a triple top on...
- Weekly head and shoulders pattern
- At the right shoulder on the daily timeframe we formed an evening star candle stick formation and ever since bearish momentum has been dominating
- 4hour chart we have broken an uptrend
- Using the elliot impulse wave we can map out a potential 12345 move to the downside, with price currently making the 4,...
- Price has rejected a significant support level in the market shown by the weekly pin bar and daily morning star candlestick formation
- As price was approaching this support area we began to form a falling wedge pattern. This pattern implies that selling momentum is beginning to slow down and we may see a bullish reversal
- We did have this bullish reversal...
- Price is in bearish market structure forming lower lows and lower highs. this is also shown by the market making bearish impulses, followed by bullish corrections
- We are currently in a bullish corrective which has actually rejected the 61.8 fib level (golden zone) to perfection
- Current daily candles are dojis showing a slow down in momentum and...
Price has finally broken away from its corrective structure and is now making bearish market structure forming lower lows and lower highs
We have broken the neckline of the head&shoulders pattern
Will be looking for a retest of the neckline followed by a shift in momentum to take short positions
Head & Shoulders pattern
Elliot impulse wave, currently making the 4th, looking to trade the 5th
Price has pulled back to the 61.8 (golden zone) from swing high to swing low
Will be looking to take sell positions once we get a break of the corrective structure
Price failed to show us a momentum shift at the neckline of the inverse H&S pattern.
However we are now currently retesting the descending channel which we broke out of, and a third touch of an ascending trendline
Will be looking for price to show a shift in market structure before looking for buy positions
EURUSD could potentially be showing us initial signs of bearish market structure forming a lower high in the market
I will be looking to see if price can make a lower low, in which i will begin looking for selling positions
Bearish structure shift currently taking place on AUDCHF
Price is currently creating a lower low in the market. We already shown signs of bearish structure from the lower high at the top.
Looking for price to pullback to create another lower high for our entry
I see a potential inverse Head&Shoulders pattern forming on AUDNZD
I will be waiting for a break above the neckline before considering buy positions
This impulse to the upside that we are waiting for will break away from the descending channel in which we are trading within
This will mean bearish market structure will be broken and we can begin looking for...
I have a sell bias on this pair going into next week. DXY strength also gives a confluence for this as dollar strength means EURUSD weakness
A previous weekly engulfing candle away from previous indecision in the market represented by doji candles gave us our directional bias
Using the Elliot impulse wave theory we can predict that price is potentially going...
DXY currently retesting previous area of resistance and using it as support. Will be interesting to see if buyers can take control and drive the market away from its current bearish market structure, giving us the evidence we need to start looking for buy positions