On the weekly price is looking quite bearish and if we move down to the Daily, you can price is creating LL's and LH's. Price has pulled back to the 50% and is looking like a high probability area for price to continue its trend.
I feel like this is a high probability setup. We got two fibs that align together, an upper trend line that is being respected. We also have a strong area of support and resistance. Finally to put it all togther we have a nice evening star formation.
i am trading to catch the pull back on this trade, overall trend is down. Will be looking to catch a quick 50 pips of this pair. We have a strong S/R level, price respecting the -27.2 extension level and also the bottom trendline. All this together builds a high probability trade.
Price is overall bullish on this pair. However this is a quick intra-day trade catching the pullback. First of all we can see price has hit the fib extension level acting as a resistance. Secondly that red line represents a strong area of resistance for this pair. Finally we have the upper trend line which aligns well with it. All this together creates a high...
Looking like a clean setup to the downside. First of all the overall trend is down so we are looking for short opportunities. We have a nice retracement to the 61.8 which also aligns with the 63.000 level. nice clean simple!
Firstly, on the weekly it broke out a range to the upside. On the daily price is creating HH’s and HL’s and MA’s are to the upside. Price came back to the monthly level of 80.000 and then price created a doji indicating slow down in price. Price has come to my ascending trend line.
This pair has been weak for a while so we are going to continue shorting. Price retraced to the 61.8 for the second time and it is holding well. Also respecting my resistance level. Broke out my daily trend line a retested which adds confluence to the trade.
The main reason for this trade was because I recognised that price was struggling to beat 79.600 daily level which is very strong level. Even though price broke out a trend line a retested price resisting of the daily level. It also created a triple top reversal formation which is strong indication. I do believe that if price falls rapidly we could come to 78.500.
NZDUSD has been quite bearish for a while. It has given us another sell opportunity. Firstly, it broke a daily ascending trend line and retested. Also break my daily and retraced to a 61.8 Fibonacci level. Price has created relevant price action for me to go short.
Price on the daily time frame is creating HL's and LL's indicating movement to the downside. A daily Fibonacci retracement to the 61.8. Also my level acted as a resistance level. Price also came shy from my daily descending trend line. Price created relevant price action giving us conformation to go short.
Nice sell opportunity, daily is down trending. tapped off my 4 hour down trend line and also a nice pull back to the 61.8. Also structure is indicating downwards moment and on the 2H we got relevant price action.
As you can see from price action that 1.31500 is holding pretty strong. Price created a shooting star on the 2H. This is a counter trend trade, looking to take it down to the daily ascending trend line. 120pips TP. 1:4 R/R
As you can see there are multiple rejections to the upside indicating a lot of selling pressure. On the daily time frame price is creating lower highs and lower lows. Also on the 1 hour price has created relevant price action.
Earlier on the week I suggested price for AUDCAD will rise but from price action i was able to get out of the trade and preventing myself from getting a bigger loss. Overall on the daily chart price is in a downtrend. So, i feel like price is going to decline as it respected the 38.2 fib level and also my resistance. Giving me the opportunity to go short.
AUDCAD on a weekly level for me as off now. Looking at the bigger picture price has rallied up and created a pull back to this level. Feel like sellers are out of juice and buyers are getting in control. Lets see how this plays out.