Hourly Inverted H&S looking for longs into the 133.5 area. Also there’s a double bottom on the daily. Two strong bullish signals. Good luck and trade safely!
I think this area of consolidation is going to be a continuation of the previous bearish movement. As we can see it’s forming a small descending triangle coming from a downward slope which is a good indicator of a continuation. If you look at the smaller timeframes, this triangle is a lot more transparent. Also, yesterday, this pair broke through a strong daily...
Coming from a downward slope we’re looking a nice bearish descending triangle pattern looking for a break past the support, but if it holds look for a break to the upside. I’m targeting previous structure as my take profits. Good luck and trade safely!
Looking at a possible reversal on this pair it has hit a strong daily resistance trendline and a level of support. It has tested the area twice hasn’t really shown any breakthrough strength. I’ve also noticed this pair could form a head and shoulders on the 1Hr chart. Then my sell entry would be of course close to the top of the left shoulder. My TP 1 is @ 0.62000...
If it breaks the trendline, then I would short on the retest of the resistance area of 1.24600. TP target 1 @ 1.22100. TP target 2 @ 1.21200. If it does go down, remebert to roll your stops into profit. Good luck and trade safely
We’ve been seeing quite a bit of consolidation here on this pair lately, but I believe a breakout is inevitable into this coming week. My bias for this pair is long due to the strong supporting trendline that lines up on multiple timeframes. Also, as you can see the resistance line completes an ascending triangle pattern which is most of the time points to a long...
On dxy, we can see it’s formed a ceiling on the monthly/weekly resistance, and currently it is testing the daily support. I’m waiting for a solid break of the daily support on the 4 hour chart for confirmation of a short on this currency. However, if price does close back inside of my daily support, expect price to break one way because there is not much more room...
