Its not done yet but very very close. 1.618 is the target and after that we can expect a good pullback before it continues to strive for target 2 (2.618) The Dollar will strive higher as we speak but can fail at any moment too so be careful out there
1.618 first target, after that a good pullback and next target
See fib levels I will enter on the next attempt/spike down or as I see price being rejected for futher down movement - which could be now as we speak. See confirmation and go for it
Target 1.618 Stop over 100 and 50 MA
So far it looks like the current supply zone will cave in and a further retracement can happen to the next zone below. the price is currently fighting with the 20 MA and the price is just by the 100 MA. This can be traded as a possible near term short or just wait for the pull back to complete to go long but only if (and only if) next demand zone holds.
Very interesting price action on the daily where the price is just re-testing the breakout of both the horizontal supply zone line and inner trendline. If this breakout holds then I will plot an upside target on the weekly (if I havent already) and post it separately. Right now I will keep a close watch on it first. This trade would go hand in hand with my GBPNZD...
Lets see if the inner trendline holds. If not it will go for the next demand zone down at 1.4891 - 1.14775. Very likely it will aim for the 100 MA down there. If it hits this area then I would be interested to add to my long.. My long trade is already triggered (see separate chart) but I wont mind getting a better price if the the trendline fails
Dollar bounced from Demand zone. Now reaching crirical crossing. Watch closely and be careful going against the dollar until you see if this crossing holds or folds. I still deem it unlikely for the dollar to make larger movements until we get a good trigger. Maybe it will be the US Durable goods data or bigger Yield differentials that will trigger the next bigger move
This pair continues to keep its tight range and it needs a good kick in the bu.. to break either higher or lower. I wouldnt mind to sell this one all the way down to 109 again but it wont happen (for a while) as it correlates with the stock market which still is making new ATHs. A wait and see trade for me but easy to trade on a daily basis on lower time frames.
Last weeks long trade went to full target. As the CAD pushed the dollar lower all the way to a 2.618 target the Dollar has taken a lot back. But the current upside move has come to a halt and the dollar needs to go through both the 100 MA and the 50 MA to continue higher. This triangle play between supply and demand zones and inner trendlines will continue. I...
The the ongoing correction higher came to a halt where price have been under pressure for over a week. The upside is still limited until it breaks the 20 day MA at 0.7938 and if it does the it is going for a H&S pattern with 2nd shoulder coming in at 0.8022-74 where it will be time to sell again. If it would break even higher then 1.618 fib is at 0.84. The...
The price is currently figthing over the 200 MA, the inner trendline, touching the 20 MA and is at a demand zone. The price migth as well bounce as it could try to break lower. If it breaks higher then see the 2 next supply zones as profit levels - as well as for a lower target which aims for the 50 and 100 MAs. The structure of the price action is tricky to...
The circled area is my main area of interest as the market opens. The ongoing short is till supported by the inner trendlines and the 100 MA. However, as we get nearer the 50 MA and the supply zone not far away the price migth push on south just as a bounce could lurk around the corner. Trade it on the 60 min (or lower) and let the inner trendlines and supply...
See the possible short lining up at the fence as we speak
Watch the price action and trade these levels accordingly. If you want to filter out the noise and focus on trading then just use Renkos as I do a day like this. Works like a charm when one has the pre-analysis done ) Happy trading
Forgot to plot my inner trend lines. Range will continue with false breakouts as the Triangle narrows.
Its all in the chart. It will be easy to trade the majors as long as this will go on. Happy trading