Before I get into this it is important that you know the points A and B are not valid wave tags but are only on the chart for illustrative purposes.
When I first got into the markets, I found myself sticking to a bias based on any first sign or pattern I found on the chart. The beginning of my forex journey is a story full of losses and blowing of accounts. But...
I've done a top-down analysis of this pair and the move to the downside looks more probable than the long as I'm expecting the CHF weakness to come to an end soon.
I have tried to clarify my analysis using arrows and visible zones as always.
If you have comments they'll be well entertained.
We are currently sitting on a very important level for this particular pair hence why I decided to share this.
The AUD seems to have gotten stronger over the past few days and so I'll be looking to price in its strength. With Friday session closing just at June lows which previously served as support, I expect that level to form a significant resistance level....
I'm going to let my zones and arrows guide you guys on this analysis and I hope you understand.
I like to view the market from a neutral point of view so that way I can catch big moves in both directions.
Please ask questions below or comment on this from your opinion.
The Hungarian forint recently created new lows against the euro.
Seeing as the move is overextended I will be waiting for a major breakout, retest and then continuation to the downside respectively to decide the trading position for me.
Daily is still bullish so I will prefer a very bearish daily candle before I decide to slide down with price action.
Waiting for price to continue the trend up to the upper line and then bounce off to break. I will sell this pair on a close below the 4h 50EMA or if there will be a break of the trend I will sell on a retest. All positions with proper risk management of course.
Price has broken out of consolidation after forming a double top and bouncing off the 200EMA. Waiting for a close below the 8 and 50EMA to lead the path further down for the asset to retest its previous lows.