Price looks like it could retrace into the previous resistance now potential support at 121.65 to then shoot up towards 124.00
I believe this pair is creating an ascending triangle, in which case we could eventually see price break through the 124.00 barrier or completely reverse creating a strong downtrend.
On the sidelines on this trade at the moment as price is currently consolidating between 19750s and 19950s
If we see a break below 19750 we could see price freefall down to 19600 and beyond, although it is quite difficult to give any potential targets due to the nature of the previous strong rally from 17900s
With the recent volatile movements in the market (which i presume is a result of the US news on Wednesday relating to Trump) price hit my initial stop but i jumped back in at 1.3090 with stops just below 1.3030. Price has still closed within my TL and support.
Risk reward shows as 1:1 as i did not have time to post the idea at the time of my actual entry.
Should have mentioned in my last Aussie post that we could also reach the major resistance at 0.7500 (which is also a psychological price point).
Price is currently consolidating around this area. If we see a reversal here, we could potentially see a drop to around 0.7360 if price drops below the support at 0.7450. If not, we could see a further move up towards...
3rd TL touch at around 113.75 which also acts as resistance turned support.
Target will be 116.00 with entry after confirmation of price closing above 114.00 on the 4hr (in my opinion).
Stops just below 113.75
We have now touched the resistance at 0.7450
If price closes below this area we could see a continuation of the downside movement with price reaching 0.7170 and beyond. This is more likely once we break the support at around 0.7360
Stops above 0.7475 with targets at 0.7170
With today's news events, price has spiked up into the 1.0600 area once again.
If the daily candle closes below 1.0600 today we could then see a nice drop towards the 1.0350 support area.
This could only happen if we see a break of the support (and 2hr TL) at 1.0500
If price bounces off the 0.786 fib (based off the massive uptrend that started midway through Nov 2016) we could see price rally up towards 118.50 with potential to break this barrier and continue its uptrend
We have also seen a 3rd TL touch on 2hr TF after the news events today.
1st Targets will be 116.80 with 2nd Targets being 118.50
Reasons for entering long..
2nd TL touch on the daily
Higher highs and higher lows on the daily
Struggling to break support at around 1.0830 area
Stops at 1.0811
Swing trade with TP1 at 1.1150
TP2 at 1.1400
TP3 at 1.1700
After a big bullish candle on Wednesday, price has taken a breather which I suspect is going to result in another big bullish move this week. Price could move down into major support at 1.5350 which is also a 0.382 level. If price hits this area, a big bullish move could be on the cards.
After a fake breakout, price has been driven back down with Thursdays bearish candle resulting in the weekly close becoming a bearish pin bar. I see a continuation of this bearish move throughout next week with price hitting the 1.1000 psychological area + support.