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looking at the #priceaction
Strong week for the aussie across the board, getting back to the upper band of its downtrend channel in $AUDUSD which coincides with the 61.8% Fibonacci retracement level of the Jan'16 low to Jan'18 high, i.e. confluence of strong resistance, good risk/reward area to go short
would like to see the volume in the next 2 sessions pick up.
Will the Tech sector be able to bounce off its uptrend line or will it break down?
In relative terms, it broke down vs. the HSCI about a month ago... or just a false break a la 2013?
Breaks out of its resistance, on high volume (3x the 50-day average).
Retraces back to breakout level on lower volume (less than 50-day average).
Now price needs to bounce off this level and start a new uptrend to be a complete #textbook #breakout.
worth watching, in absolute and relative terms.
...a measured move targets 1.0615
waiting for the price action to confirm it...
Even when the market is down on the day, you can always find a few stocks that closed in green, those should get your attention...
Higher than average volume
Bullish engulfing (outside day)
RSI in bullish range
Clearly defined Risk/Reward
1. Break of support.
2. Retracement to breakdown level, confirming old support = new resistance.
3. Continuation of primary (down)trend.
40-week MA slowly starting to slope upwards
RSI nicely floating above 40
Friday's close to confirm this weekly chart...
EURUSD weekly chart
Can the support hold (blue dotted line ~1.2045 area) and price resolves higher, breaking out of the channel...
The support breaks and we head much lower?
Fibonacci still a resistance and MACD even closer to a bearish cross...
Interesting week ahead !!
Currently holding 200MA with RSI turning up.
Price range still within a downtrend channel and resistance ~HK$ 398.00
Important to also watch the monthly candle close on Monday!
to confirm on Friday's close...
downtrend line + 10-week MA