We entered a sell position since the GBPCHF broke strong 4H support and in retesting/consolidation phase before heading down for further drop.
We can see that the next support is at 1.24162 where we sat our TP near this strong support.
Euro crosses can be seen falling from a technical perspective. EURCHF is expected to further drop to complete the AB=CD pattern, which could be seen during the European session.
We took this trade yesterday with the following:
- Entry: 1.1256
- TP: 1.117 (86 pips)
- SL: 1.1276 (20 pips)
On the daily TF we can see the reversal pin bar on yesterday's close. This means that it's only a matter of time for the price to drop heavily.
Currently, we can see that the price is consolidating and rejection from upper levels occurred. MA crossed, which also means a down movement is on its way.
FX:AUDNZD has formed a very nice rising wedge pattern that we are watching closely for a breakout. We placed our sell limit order as following:
The first support is near 1.05345, a break of this support will drive the pair to our TP.
After the news last night, we saw a major sell of the USD. Our system triggered a sell entry early this morning (during the Asian session), which seems to be valid from a technical point of view. Since it did break the support level of We 108.935, and closed below it. That indicates a further movement to the downside, to the next support: 108.381. We opened our...
Oil prices have been crazy the last couple of months. But now It can be seen that the market is in the recovery mode. Today, oil is up with 2.30%+ which could be seen as bulls are regaining back the control. If the daily candle closes above 53.26 could lead to more gains and reaching 55.24$. From a technical point of view, oil needs to close above this mark...
We did follow this pair for a few weeks now. On the daily chart, it can be seen that it reached an area where it will consolidate (based on the previous patterns) until a breakout occurs. Based on our analysis, we went long and set our TP to the previous highs (9.09523) and SL to (9.02374), where support can be seen above this area.
The Forex Farmers.