Peace547

Peace547

i noticed a RISING WEDGE on a strong resistance area. Plus the has been testing the trend line which was previously a support but currently a resistance.

Peace547

i noticed RISING WEDGE on a strong resistance area. Plus the has been testing the trend line which was previously a support but currently a resistance.

Peace547

*GBP/NZD and NZD/USD correlation runs at -87.6% *Trend: Uptrend *Tested a support trend line and formed a BULLISH HARAMI PATTERN

Peace547

NZD/USD and NZD/JPY correlation runs at 95,2%. This tells us that they are strongly positively correlated. We can use that to our advantage. We can see on a weekly time frame that the market went to retest resistance area 0.68555, which was a support area for the past few months. The market couldn't break it but instead it closed below and formed a BEARISH HARAMI...

Peace547

On a weekly time frame the market tested a resistance trend line which it couldn't break. On 4H time frame i noticed a HEAD AND SHOULDER pattern, confirming a bearish movement in the next coming weeks.

Peace547

Trend: Downtrend Tendency: Downward Broke consolidation barrier below.

Peace547

I noticed a HEAD AND SHOULDER PATTERN on a weekly timeframe... The market is still above the NECK LINE, I will wait for the market to break and retest the NECK LINE then I'll open a sell order.

Peace547

As we know that EUR/JPY and USD/JPY correlations run at + 85%. This mean that they are strongly positively correlated. We can use that to our advantage. USD/JPY as reached a strong resistance area since the market has failed to break for quite some time. Now I'm expecting USD/JPY to be bearish the following week.

Peace547

On a daily chart we see bearish tweezers indicating that bears have taken over... Therefore next week I'm expecting EUR/JPY to be strongly bearish