Price broke out from the triangle on the daily time-frame. On the 4H time-frame, price is moving in a rectangle. In the rectangle, price is forming a triangle.
If price breaks both the triangle and the rectangle upwards, target will be at the next support level which tallies with the 0.236 Fibonacci level. If price breaks downwards, it will be heading to the 0.51...
Price is moving in an upward channel and is currently on a support level which is also at the O.786 Fibonacci retracement level. If price breaks the support, it will be heading to the next support level which tallies with the 0.618 Fibonacci retracement level.
If it doesn't, there are 2 targets
1. At the 1.0 Fibonacci level
2. At the 1.618 Fibonacci level
The Pair is on a strong downtrend on both the Weekly and Daily time-frames. Price is heading to a strong weekly support level which correlates with the 1.618 Fibonacci retracement. Price might be a pullback to the trend line before making its way to the support level.
Price could also break the trend line at the yellow zone.
I just thought to share this with you guys. The pair is making a CUP pattern on the monthly time-frame which means that the overall trend of this pair is BULLISH.
Yes I said it.
I will be posting next week outlook analysis on GBPNZD, EURAUD, CADCHF, USDJPY.
Pair is moving in an upward channel towards a major resistance level. If it holds, the pair will make a sharp turn downwards.
Also, the RSI indicator shows the pair is overbought and a imminent divergence.
A breakout from the channel is likely.
Pair has formed an inverted Head and Shoulder pattern, waiting for breakout and retest.
Also on the daily time-frame, the pair is forming an ascending triangle pattern inside a rising wedge pattern.
The 50 SMA also confirms the uptrend.