UsdChf is rejecting the daily level on all time frames which could present a drop to the trend line and possibly further then that. This is a slow moving pair so good for beginners with 100 pip reward a only risking a comfortable 20 pips.
So as we see on UJ price is stuck in a zone and is in consolidation. This shows us that both the areas of support and resistance are strong, so in this instances you wait for price to break out of zone and come back and enter off the retest. You have good assurance that price will respect the zone because of much it respected before the break out. Your Stop Loss...
So we had our big breakout move from the head and shoulders pattern and now we are retesting the neckline and trend line at the 61.8 retracement. there is still a lot of potential to the down side with this one and it has just hit my entry.
So as we see GJ has started it's pull back and I believe it will come down to the 61.8/daily resistance level before continuing upwards. We that GJ has also broken out of it's smaller time frame channel and could potential be headed for the top of the channel on the higher time frames now. If look at RSI there is also a strong possibility we will have divergence...
So on Ucad I am looking for us to pullback to the 61.8 high area of support and resistance and the trend line. This is confluence with the rest of the drop from the head and shoulders pattern. This move will take a while to set up but updates will be sent out.
So almost the same move as my last EurJpy analysis I would like to see price come down to the area of resistance and test as support. This area is also at the 50% fib retracement and trend line. This will be a quick 80 pip move and will continue its way up from the broken inverted head and shoulders we had in the previous trade.
So as of right now gold is respecting the trend and appears to be heading down to form our triple bottom. With this triple bottom we could see gold shoot out of the wedge and as we all know when gold takes off it takes off hard. I'm seeing it at least going to where our trend began with strong possibilities of shooting through. If it shoots through I will trailing...
So UJ the current trend is up but I see a good possibility of us hitting a triple top, which could lead to the break of the closing pennant and lots of potential to the downside. There will be more definitive analysis when the triple top is reached.
So on UsdChf we see price respected the trend line and is now going up a good potential 90 pip buy after the buy is closed I then see price coming down to break out of the pendant it is stuck in but there will be further analysis on this as price gets to the point as for right now we will ride this buy up.
So on the 4H timeframe we see a possibility of a Head and shoulders which could give us a push down towards the trend line . this will also be the break of a strong support line that i would like to see tested as resistance to enter for a short. This is a potential 200+ pip move.
So on UJ we see an Inverted Head and shoulders which is a sign of reversal. The reason this is a sign of a shift in momentum is because in a down trending market you have lower lows and lower highs but with an inverted head and shoulders you see a lower low in the head but it fails to make a lower high. Instead it comes back up to create what is known as a triple...
Now this is one that I have had my eye on for quite sometime and we are days away now from it happening. I will be looking for price to make the area of resistance into support off the trend line as well as the 78.6% fib retracement. This will be a swing trade that will be held for quite sometime as AU isn't known for its speed
EJ has shot through area of resistance that has been super strong for a while, I would like to see it come back and retest this area for a buy. This will be a short 80 pip move just to see how it reacts with a TP 1 of only 20 pips.
So with the USD gaining strength I see AU to continue the with the trend it is just now creating all the way to the overall trend we can see clearly on the 4hr and Daily charts. But for the time being AU is on it's way down and is at the prime position for a short entry.