My analyse and guide on following enjin for the upcoming period of time.
ENJ is one of my favourite cryptocurrencies and I believe we can continue up for sometime as long as BITCOIN remains strong and above 57k.
A sudden strong drop of BITCOIN would invalidate the analyse and a break of the support + last point would also change the bias of this pair.
Reasons for potential short
1. daily bearish engulfing > closed below D RSP
2. daily trendline broken and retested
3. 4 hourly EMA as resistance
4. 4 hourly fib 78.6 aligned within zone + D RSP as resistance
5. currently making LL LH
(6. X-NSL-LH1 FIB tapped 1st target extension, 2nd extension alignes W new fib 1st ext.)
awaiting a reaction from the 78.6...
Reasons for potential short
1. daily trendline 3rd tap
2. 4H EMA resistance
3. counter trendline broken en retested
4. daily fib 61.8 tapped, 4 hourly fib 50 tapped
(5. currently below psychological level 1.3100, if we can remain here.)
Reasons for longs
1. strong weekly support zone
On this weekly chart we can see how price rejected from the 71.00 Fib. creating a nice legit shooting star pattern as a sign of reversal. Since the moving average is also still bearish imma wait to see how this pair reacts once the markets open at Sunday night. A clear break and close below the monthly support of 1.6700 would be a nice confirmation for the...
After breaking the weekly support of 142.50, we've consolidated below the level for quiet a while now. We've retested 142.50 as resistance for 8 days straight, not able to break, close and stay above it. After breaking to the downside of the consolidation box we now retraced back to the key level since we got positive results from this morning retail sales...
After closing last week with a shooting star back below the resistance level of 1.8250, we completed a fibonacci retracement of 71.00 on the daily TF. Creating a H&S pattern on the hourly TF we broke, closed below and retested the trend line and resistance level again. Im looking for a potential short to the D extension at 1.7700, with support in between at 1.8000...
Watching EURNZD I still believe we got some more room to the downside since we’ve rejected from the 50 fib on the weekly TF at 1.7050 . Last week we closed as a bullish engulfing which could lead to bullish interest but we havent closed above any declining MA on the weekly yet, currently testing the EMA as resistance. On the daily TF we are now breaking out the...
Since we broke the previous support mentioned at 1.3080, we've been heading lower and lower breaking easily through the monthly support of 1.3000 and closing below. Also May has her negative effect on this pair making it easy for pound to head lower and close with a bearish marubozu candle on the 4H TF. Currently there's a lotta room left to the downside with our...
NZDUSD is a pair I’d like to put my focus on from now on cause I adore the way it respects price action. On the daily TF we’ve rejected the previous daily high 0.6940 with a somewhat tweezer tops and on the last day of last week we closed with a strong bearish engulfing + theres a little wick on the downside so it’s also somewhere between a shooting star and...
Currently looking at EURNZD after the market open we opened a bit lower. We are holding at a previous support zone, now resistance aligned with the 38.70 fibonacci retracement at 1.6619 . We can also see how the SMA comes as resistance aligned with the fibonacci and previous support, confirming a legit resistance zone. I expect price to go lower and hit the 1st...
After yesterday's close, we successfully completed an evening star pattern at the monthly level of 1.6700 . We broke and closed below the support level and now completed the first extension leg of a Fibonacci pulled from the weekly to the monthly level. Rejection from the 61.8 which aligned with the SMA gathered enough bearish momentum to push us below 1.6700,...
*From a pure technical point of view*, we can see how price has been rejecting this area 1.3150 - 1.3200 .
After touching 1.3200, we failed to close and stay above and we dropped back below the psychological price 1.3150 .
On the daily timeframe we can how we made an evenstar pattern at the daily highs 1.3200, currently retracing back to the 61.8 fibonacci level...
Evening star at MA.
Daily support testing, if we break it > weekly support.
Other wise we test the daily support and shoot back up creating a double bottom.
If break > 1.7750
If hold/retest > 1.8000
(Trade balance AUD on 8th of January)
(Building approvals AUD on 9th of January)
(BOE conference on 9th of January)