Very technical situation here, with a V-Bottom at .8800 and a nice falling wedge on the hourly chart. The pattern is a strong bullish one and after the already happened confirmation (the wedge was broken on the upside) price is retesting the trendline at .8960. Excellent place to go long!
The important topping process at 1.2800 pushed prices lower down to 1.1900. Now this could be a reaction level as we see some support here. The Stochastic oscillator could print a bullish divergence: wait for confirmation, but be ready to go long at the first signal!
The Australian Dollar could find support at .8000 to resume uptrend. Shouldn't this level hold, further support could be given by the rising trendline around .7950. Either way, I'm looking another opportunity to enter long.
Extreme uptrend could find a top at 1.5800 before pushing higher; the past week closed with the University of Michigan confidence report and despite the bad outcome (88.6 versus 95.9 expected) the Pound couldn't make it to a higher high. Technically, a double top is taking shape just at 1.5800 and could be the beginning of a correction lower; the pattern would be...
Looks like New Zealand dollar is printing an inverted H&S on H4 time frame; right shoulder is not yet formed, but should it take shape neatly I'd look to go long once the neckline is broken.
The pair continues in it's consolidation mode on the daily chart; stochastic oscillator is indicating strong oversold condition and a bullish Cypher is almost completing around .7300 level, where 1.27 extension and .786 retracement define a neat potential reversal zone. That level is also old support, it could hold another time and give us some pips on the upside!
Last two weeks the Cable really rocked! It looks like a rocket aiming higher and higher! We can clearly see the completion of an inverted Head and Shoulders pattern who's neckline has already been broken. If you are not yet in the trade you can wait for a retracement around 1.5500 level, where the pair could find support before another upward move.
The pair is heavily stretched, I'll be monitoring the 1.5500 level to see if there's any shorting opportunity. That level is an old support turned resistance and stochastic oscillator is already overbought. Any sign of weakness around this level (a pinball, a double top or a bearish divergence) may trigger the trade.
This pair printed a neat double top and today's cash rate decision from RBNZ triggered the break of the neckline. The .618 retracement is the entry level for a 2618 trade and lines up precisely with the neckline itself, which should now provide resistance.
After today's huge rally another up move could be in the cards; some nice fib confluence around 1.4400 (also former resistance). Excellent risk reward ratio targeting 1.5000
This pair had a huge rally in the last days, so a breathe cold be healthy. An H&S could be forming on the hourly chart; this is a counter trend trade so it's risky, but the risk to reward looks pretty decent.
Given the string uptrend I'm still chasing some upward move; last resistance (on the daily chart) is between 1.5500 and 1.5550, so a retracement to previous structure at 1.5400 handle will trigger my trade.
Rising wedge hitting .382 retracement + pin bar + bearish divergence in stochastic. Entered at market. Check mi ideas on www.pimpmypips.com and subscribe to the newsletter!
179.50 was support past week, so should price retrace around that area I'd look for longs again. Some confluence is given by the EMA100 that could provide support. Any bullish reaction (like a pinbar, oversold stochastic or bullish divergence) at that level could trigger a my trade.
Price broke up the 96.50 resistance but on the 4 hour chart a bearish divergence and a bearish rotation are taking shape. Also the rising short term trendline has been broken on the down side and I think a retest of 96.50 level as support is due. So, I'm waiting for a retracement to enter short targeting 96.50.
The pair is stuck in a range and with the lack of fundamentals it's difficult that such range will be broken shortly. On the daily chart a Bearish Bat is about to complete; interesting confluence is given from former resistance at .7900 and EMA100 (red circle). Follow my ideas also on www.pimpmypips.com
A bearish and a bullish harmonic pattern. Which one are you going to take?
Nice confluence between a 2618 trade and a bearish bat. The harmonic pattern is completing exactly at .618 retracement of the double top. Go short!