after touching the upper trendline in higher time frame, At15 min time frame, price is consolidating in a triangle.
gonna enter If the triangle breaks down on the downside.
and gonna target the support.
If it breaks the triangle at the upside, it might touch the upper trendline and
continue consolidate near the upper trendline then a breakout.
GJ has made higher lows, a classic set up of finding strength in the price.
All we have to do is wait for it to break the trend line and previous resistance.
Can either breakout trade or wait for retest, depends on the next coming candle if it has a long momentum candle with large body.
If it ever the price bounced off the resistance or trendline, and breaks...
Aussie Dollar has interesting levels about to react to.
Currently at a resistance and may make a correction.
Plotted significant areas and shorting right now can give you a good risk reward ratio.
I also find the trend weakening at this point.
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Any ideas you have there?
EURCAD broke out the bearish trendline/channel last week. And currently is retesting the trendline as support.
Has pretty good long lower wicks, showing there's demand at the key area.
May be bearish, if broke down the trendline, and may continue to consolidate.
You can check my past analysis about Eurcad before below.
Euro Swiss made higher lows Intraday. Candles also made long lowerwicks.
And currently price is at significant support level.
Which clearly shows demand at the key level area
It's a good buy position with 3:1 Risk Ratio
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4 hour CHART:
GBPUSD has formed a double top for the last few weeks, which is a bearish sign.
A weakness of the Bullish trend.
It broke the 1.2200 Support Area and bounced off around the 1.2100 area.
Currently, the cable/GU will retest the 1.2200 as a resistance, and might break it as well as the bearish trendline.
If it breaks both the trendline and the resistance, Idea is...
EURCAD currently is still at a descending channel. We can expect a bullish scenario if ever it breaks out it resistance.
But be cautious not to be predictive but rather reactive. As it now approaches the resistance, it may do three things and reacct to the significant level
Breakout - which is a bullish confirmation, but watch out for false breakouts. A breakout...
Eurnzd has created a wedge pattern. We can expect either a breakout or a reversal.
Breakout - The resistance has many touches and price action seems like it wanted to break off its resistance as it made higher lows
Reversal/Correction - Euro kiwi might not breakout this week but maybe later or sooner. Intraday, it made an impulse wave and we can...
AUDUSD has done the impulse wave and finished the 5th wave at around 0.6550. Made it a top and traded in the range for two weeks. And it now made a double top this last trading week which shows weakness of the trend. We can expect a correction until it reach the 618 fib retracement which is pretty significant level.
You can like and comment of my...
Eur Swiss have been trading in a range for a month now and can't get any lower.
The support is still holding and is forming a double bottom reversal pattern. broke the previous bearish trendline and might break the resistance key level at 1.06. The price once reversed at that level and might break it. Another confirmation is the divergence it is...