Strong uptrend. The most appropriate action is to look for longs. Pin bar formed at daily level, in confluence with moving average's.
The first one was the engulfing pattern at the range resistance
After a few weeks of consolidation at the 81.50 area price finally broke out the range, drawing an inside bar formation shortly after the break. This might be the start of a new trend.
Although I think we might have a chart pattern in the future, for now we have an inside bar formation for trend continuation.
Uptrend, daily level, inside bar formation, moving average confluence
Uptrend, level, inside bar formation, moving average confluence.
Downtrend, weekly level break, accumulation below the level, inside bar formation, moving average confluence. We might also see a false break from the accumulation area and after that a drop.
Lot of stuff is going on on this pair. Lets see now: the price was going up in a channel, broke through the weekly level and then went back down to it giving us a long signal. As we see the signal was false and the price didn't manage to break through the level. So we might see now a false break taking place. At this time we should wait for a daily short signal to...
A few weeks back AUDCHF dropped to 0.7250-0.7300 area and had a big reaction, engulfing the last 4 weekly candles. Although this was a good sign of strength, going long on the weekly close wasn't a great idea because of the SL size. So I waited for a corrective move to the 50% retracement level of the weekly candle. The price dropped even lower giving us a better...
Actually, because of the channel support reaction and level false break represented by the engulfing pattern we might see a corrective move starting.
Price is reacting from weekly level and channel resistance forming an bearish engulfing. I expect it move to 1300.00 area.
Channel, retracement to 50% level of the last impulsive move, pin bar reversal, at least 2R profit margin.
I was bearish on CHFJPY until I saw that after the break of the 111 level the buyers stepped in and pushed the price above the level forming a bullish engulfing. There is also a channel break. This might be a sign of a corrective move starting. I will also watch carefully 122.50-113.00 zone, for any signs of trend continuation.
Clear uptrend, my only concern is that it break out the channel and accelerated. This might be the sign of it's end. Confluence factors: trend line reaction, moving average's, demand zone.