With two large bullish candles formed yesterday, momentum seems bullish. A flag or pennant pattern (don't know exact name, but does it matter?) formed showing consolidation pattern (price resting). This may lead to continuation of yesterday's bullish move towards the resistance zone 1340.
The market sold off and approaching key support zone 0.8400 (round number too). Price is slowly retracing up towards 0.8460 (now a resistance zone). Question is do you have the guts to short it from that level with key support coming very near down there and with the down move seems 'overextended'? For me, a correction upwards seems imminent from current level or...
Looking at the chart in H4 timeframe, we can see that the overall trend is down. Market has been consolidating and grinding up slowly since hitting a low 0.8460 but still contained below resistance zone 0.8530. Possible scenarios: a) if price breaks and closes above 0.8530, then will be looking for long entry to trade up to next resistance zone around 0.8660. b)...
Market found support at 1280 and bounced up. Bearish cypher pattern is in progress to completion. Potential D completion point coincides with resistance zone drawn from daily chart around 1315. This area also coincides between 50% and 61.8% retracement of the recent downswing. Will be looking to short when price action permits.
Last week, market tested and broke resistance zone around 102.75 three times but failed to close above it. From the chart, we can see the three candles with long upper wicks showing rejection of resistance zone. Will be looking for short opportunities from any retracement back to 102.75 level.
Bull bat pattern completed in H4 chart near support zone. There is warning sign indicated by long wide bearish candles. A nice pin bar formed in H4 and H1 charts. Will long at break of pin bar nose.
Market still unable to break and close above resistance zone 1.1035. This zone also coincides with the 50% fib retracement of the downswing. This pair also seems to be contained in a range/channel. Will be looking to short.
Market has been rallying up nicely and approaching key resistance zone. Two potential bear patterns are forming in daily chart. The smaller bat pattern has potential D completion point right below the resistance zone which also allow for stop loss to be placed right above the resistance zone. The potential D completion point also ends at psychological round number...
Bear Gartley pattern completed with RSI in overbought territory. Pending short order set at 0.886 of XA leg got triggered.
Market is testing the key resistance zone which is also the 50% Fib retracement of the huge down swing. RSI is showing overbought condition. I will not short blindly but wait for confirmation via price action. Let's wait and see what today's candle turn out to be tomorrow morning.
Potential bull bat pattern forming. Completion of D leg will be near to the support zone from daily chart.