We've seen a strong rejection from the upside and it looks like we might be starting a new downtrend on this pair. The first impulse wave has completed. I'm waiting for a correction wave two, where I will place my entry near the 38.2/50/61.8 fib levels before price sells off lower in the third wave. First fib extension target is 1.0 and the second target is 1.618.
Price has been in a very strong bullish rally on this pair and its now reacting to a major resistance zone. We could expect a reversal to the 0.618 Fibonacci level. I'd wait for a clear trend line break before looking to go short.
Price has been being rejected from the upside multiple times and has started making lower highs and lower lows. We could expect the bears to possibly take over soon. I'd wait for a break out to the downside from the rising wedge and a clear break of support before selling. Secondary target being near 5061.2
I'm waiting for a break below the support trendline before going for a short entry on this pair. With the previous structure of the market there might be a lot of turbulence if price does move lower. Alternatively if price breaks above the resistance trendline my bias will shift to long opportunities after a successful break and retest.
Price made what appears to be a false break from the support trend line and formed a double bottom pattern which also has divergence. Price might pull back into the preceding trend and rally up to the resistance shown.
USDTRY has rallied up to a demand area and is currently struggling to push higher. My reversal trade will be confirmed when I see the bears building momentum and the price breaking the 20MA. A more conservative entry would be after the support trend line is broken.
Price has formed a double bottom on this pair and is currently at the neckline and we also see some RSI divergence. We'd wait for a close above the neckline before buying. Not exactly a trade with the path of least resistance so this trade should be monitored closely.
The past few weeks we've seen silver on a strong bear run. Right now price is sitting on a strong support area which we've seen price rejected off of a few times. The 20MA has also served as resistance which is why my bias is to sell. Last Friday the market closed with a pinbar candle. I would only consider selling after price has fully cleared the support zone...
Price broke out of the descending triangle on the 2nd of April and has been trading higher since. The resistance in the 1.67132 area has been broken and price seems to be coming back for a retest. This could be a good opportunity to buy.
USDMXN has pushed down into the demand area shown. We might see a reaction from this area to the upside. The falling wedge pattern is also about to complete. Stochastic RSI has not yet gone above 65 so this setup hasn't been confirmed yet. Possible target for this setup could be 19.29641 which is the resistance of the channel. According to me this is a strong...
NZDUSD has been in a downtrend since the 21st of March and is currently flagging to the downside. I see two potential trade opportunities. The first would be selling at the resistance of the flag channel and the second would be trading the full flag pattern. This will depend on how price plays out. For more conservative sell entries we could wait until the...
USDJPY is in a long term downward channel and a short term one which we could trade in. Price is currently at resistance of smaller downward level. We could take a short trade having our targets near the support of the channel. I am waiting for confirmation from the stochastic RSI. I will wait until it moves below the 35 level before executing a short trade.
On the 2nd of April we saw a very strong push by bitcoin to the upside. It has now formed an ascending triangle pattern and a symmetrical and is attempting to push up above 5308.6. If this level is breached we might see more bullish momentum. Alternatively price might react to the downside but the major bias is bullish .
We can see the formation of a falling wedge pattern on this pair which might mean we will have a buy opportunity in the near future. Ideally if we see a break of this pattern near the 0.66897 area we would look to buy. Also on the RSI we see a triangle pattern which might give us a better entry if we see a clear break there.
Price has been range bound between 1437.632 and 1327.260, we also have a double bottom formation as shown with a lower second bottom and RSI divergence. We could look to buy when the neckline has been broken. Targets and stops could be based on the RR ratio specified and support and resistance but price might rally all the way up to the supply zone.