Moving between a clear support area and resistance line.
Could go either way. If it breaks above the resistance line it may turn bullish. If it drops below support we are in for a bearish period.
Bearish momentum on EURUSD
- in steep descending channel
- resisted all MAs
- RSI and MACD bearish
Next target is that it will be supported by the longer term previous yellow channel - alternatively it will go to the grey support area
Let's see!! Let me know what you think!
EURCAD reaching strong support/resistance area and turning point to go bullish from here.
Longer term EURCAD is bullish and showing clear support of channel. RSI/MACD are still a little bearish on D, which is a watch-out, but RSI is turning bullish on 4H.
I expect it to go up to intersection of ceiling of channel and strong recent resistance area (R)...
I see some bearish momentum on AUDUSD. We need to be a little patient and wait for the break, but if it breaks the resistance area (and MA100) it will drop to around the intersection of next support area, bottom of descending channel and (!) MA200. Around 0.692 is our target.
Let's see! Let me know what you think.
EURCHF has been in a sideways channel, but momentum is turning bearish - RSI is trending bearish and now below 50 + recent resisting downward trend (T).
I expect to test this trend once again, but break channel downwards in coming days.
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A nice buy opportunity for EURNOK ahead. (Btw, similar pattern on correlated pair CHFNOK if you prefer that one)
- upward channel, bouncing off bottom
- RSI and MACD in bullish area
- supported by important area (A)
I would buy around 10.96.
Target 1: 11.2 (previous resistance, mid-way channel)
Target 2: 11.5. (top of channel)
***Leave comments if...
EURAUD is in a long term slowly ascending channel. So long term direction is bullish.
Now we see it hitting the bottom of a recent steep upward channel, while also hitting a clear support/resistance area. We also see the RSI remaining bullish since a week or so.
I expect it to go up from here, potentially reaching the mid-line of the long term channel (red) since...
AUDCHF is now squeezed between a very strong descending long term channel (very well visible on weekly) AND the MA200, which co-exists with a strong support area (grey rectangle).
Given weekly channel is quite strong and there is no sign of break out at the moment + RSI looks to be bearish, I see chances of decline to bottom of channel higher than a break-out to...
I see that most traders look to be bullish on this, but I see very clear bearish signs. Especially for the short term. There is a big barrier in the form of a ascending long term trend line (red line in chart) which can be a support, in which case we will go LONG.
Bearish signs I see:
- Gold is hitting a strong recent support/resistant space
- Hitting the...
GBPJPY looks bearish, we also see that on some other GBP-pairs
This pair is bouncing off strong resistance area and reaching top of descending channel
RSI remains bearish despite recent price gain.
Expect to hit the next support area (S)
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Expect EURUSD to be bearish from here.
Broke out of ascending channel 2 weeks ago. No forming a new descending channel.
Reaching top of new channel and a strong (recent) support area.
RSI and MACD are bearish (RSI respecting down trend line), so expect a drop from here. Potentially to the 1.16 area but can go down more eventually to 1.14.
I think the CADJPY looks to become bullish for a while, after which I expect it to trace downwards.
I see a break out of a triangle soon. Higher lows and bullish RSI and almost bullish MACD too. Now supported by the MA20 (green line).
If it breaks out of triangle it will also go above the MA50 (blue).
Then (S) is next level of support area, which co-exists with...
NZDJPY looks to break here or a little later after retesting the (weekly) long term trend line.
It will be bearish son, because:
1. JPY is strong at the moment, while NZD is fairly weak (synthesis across all pairs)
2. RSI quite bearish.
3. long term trend is bearish
4. at bottom of channel
5. retested MA200 (black line)
Wait for channel retest then down to (A)....
Ripple can go up if it breaks the resistance area (grey rectangle) and retests it, which means it will also retest the MA50 (blue line).
1. Ripple is in a bullish channel and just touched the bottom.
2. It just broke and retested a long term bearish channel (well visible on the weekly chart)
3. RSI is turning bullish too (will be bullish once we go up a bit)
This is how I use pitchforks and I hope it is an inspiration for you too. I like trading channels and the pitchfork is a great way to identify them early on and to confirm these channels. It is not always straightforward to find the right points (1-2-3, see below), but I think the pitchfork is quite powerful and for me a handy tool in addition to other indicators...
I expect some bearish movement on the NATGAS
if it closes under the MA50 (wait for retest, check 4H) then there is a SHORT opportunity
1. bounced off strong resistance area (R)
2. respected downward trend line (purple)
3. RSI (still) bearish, as well as MACD
4. confirming 0.5 Fib retracement level
5. longer term trend is down
Potential long for EURNZD pair.
Broke downward trend line (T) recently, while showed strong support on upward trend line (U)
RSI bullish and MACD almost bullish.
Wait for it to break/retest resistance area (A) with bullish MACD then opportunity to go LONG
Expect pair will touch next resistance (B)
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