After seeing last week break out into new 2019 highs, price has established itself in a short term bullish trend. Currently price is in a bearish pullback while price builds value before heading higher. After yesterday's bearish engulfing daily candle, closing back below the identified zone, I had a bearish bias for today's move. On the 4-hour chart we are seeing...
We have seen price trade within this descending wedge pattern on the Daily timeframe. Today we had a superb candlestick formation complete at an area of massive confluence. Daily price action formed a tweezer top/high test candle rejecting the 1.3000 psychological and daily key level, the 50ema, and the upper boundary of the wedge pattern. I will be expecting...
Friday, the daily chart for EURAUD painted a bearish engulfing candlestick. While forming at the 78.6 fib retracement in a daily downtrend, I am anticipating price to continue forming Lower Lows. Taking a position at market open would be an aggressive entry. I will more than likely be waiting for a break of the phase line before taking a short position.
After breaking the phase line on Monday, I am expecting price to continue to the downside eventually hitting the fib extension around 1.625. Another entry opportunity will be after a break and retest of the current, long term TL. Higher timeframe confluence to the downside
Inverted head and shoulders PA pattern has presented with daily PA forming a tweezer bottom formation. I will be observing price tomorrow due to OIL news at 10:30EST. With the US Dollar Index indicating bearish movement, I expect oil to rise.
Daily price action has slowed down as it approached fibonacci support and previous structure resistance turned support. Intra-day timeframes are painting an inverted head and shoulder pattern. Entry based off trendline touch.
Price stalled at previous resistance turned support, in line with the 38.2 fib retracement. Daily PA formed an inside bar/ doji indicating indecision in the market. I am taking this trade just before the psychological level of 1.110
Daily head and shoulders as formed off of 1.0686 support. Price broke above the descending phase line and we are seeing a MA crossover to the upside. Expecting price to rise to Monthly Resistance of 1.079
Daily PA has formed a head and shoulders with heavy divergence in line with monthly resistance 1.415 and the descending TL. This is a POTENTIAL setup because price has not yet put in a lower low. Wait for price to break the CTL before entering short. Stops above the right shoulder with profits at weekly support, 0%, and -27% fib extension
Price has been consolidating in a pullback channel after the FOMC announcement. Look to enter short upon a break of the ascending CTL and take profit either at major support 1.328 or extended targets of the 27% fib extension
US Dollar Index broke out of the ascending inner TL after forming a head and shoulder pattern on the daily timeframe. With Weekly MA cross-over as well, we could see a short term bearish pullback in the dollar. Pay attention as price reaches the neckline as it will come in contact with the ascending outer TL as well.