The price of EURUSD has been considerably bearish with more lower highs and lower lows formed and slight consolidatory phases.
However, following l ast month bullish reversal candle formation close ( Morning Star) . It is time to switch the frames in which we look at this pair from. It is time to consider bullish...
Considering the current position on Gold after hitting support and the Dollar failing to break above weekly resistance, we are likely to see strength in gold and weakness and dollar. Using the correlations, AUDNZD is going to gain strength off this weakness in dollar and using technical analysis, i have constructed a trade around this point.
This market has actually broken above and has faced immediate resistance causing a lot of panic selling. This market can either fall to the 1.64603 level and find buyers step in or break this level to find another secure level for buying which is around the 1.63776 region. Regardless of the situation, for day traders, this can be a decent set ups for small pip moves.
USDJPY has made new lows for the past two days. I am going short on the test of the resistance line that happens to be also a 618 retracement to continue the move further down to 117. Good feedback will be appreciated !
This product is just breaking out of the longterm downtrend channel and can fully be secured if we get a break out above the 134.301 resistance level.
The first leg is to the next resistance at 135.572 area for a 50% retracement at 133.888 and to the major resistance at the 618 at 136.408
My stop loss is a trailing one from 132. 966
I am taking a short on this pair because of the following technical reasons
A. It has hit a 50% retracement from the move downwards
B. it has broken the hourly trendline
C. If you are a key price action trader then you can immediate resistance at 2.18718
Looking for entry when a retest of the resistance ahead occurs from the bounce...
Entry is the most important aspect of trading because it determines a lot e.g. reward, risk, stops and so on. It literally determines where your trade is going.
As you can see, there is underlying support from the trendline and the eur has been bullish as of late so it is likely to find good support at 3 even though the double top has confirmed...