I'm a long way from trading breakouts, but this one has caught my eye. Of late the 0.9 level has been holding strong, but this week price has successfully broken out and successfully closed well above this level. Though we have the next round number of 1.1 which could act as the first trouble area (FTA), the next real resistance comes into play at the 1.12 level....
This is a chart I'm interested in. The AUDUSD pair has formed a rather convincing Bullish Outside Bar, off the 0.92 support level. Last time it reached this level it formed a nice looking pin bar, possibly suggesting a period of consolidation for this pair. What's more, it's interesting that despite the lower trade volume which takes place on Fridays, the pair...
Unfortunately I don't have WTI offered with my broker, but lately I've been intrigued by the huge gold and silver moves of late that I checked out WTI, and what a great chart it is. There appears to be a clearly defined price pivot zone of 104.00 which has flipped from previous support to now resistance. What's more, this level has been holding considerably lately...
Price is price, therefore monthly charts shouldn't be discounted. In recent months NZDUSD has tried to push towards the 0.88 level. It has only ever achieved this once (according to MY charts), and that was back in 2011. This month, price has formed a nice looking BEOB off this 0.88 level. Further, with huge divergence displaying on MACD, this illustrates a...
The 1.58 level has held strongly as a pivot zone and recently price has bounced off this support. Rather surprisingly, price has continued to push through the 1.59 level which is now acting as support. With this in mind, price has formed a very large BUOB off the 1.59 level indicating a potential turn around for this pair. Couple this with long term divergence on...
The 1.58 level has held strongly as support in the past and recently price has bounced from this level. Rather surprisingly, price has continued on through the 1.59 level which is now holding as support. With this in mind, price has now broken away from this 1.59 level forming a very large BUOB suggesting a turn around for this pair. Couple this with long time...
I see price in a consolidation between the 1.38000 support and 1.39500 resistance levels. Off of the 1.39500 level price has formed a very large bearish engulfing bar (BEOB). Although not clearly presented on this chart, there is some nice divergence between price and MACD data, further supporting a bearish outlook. I see no reason for price to hit the 1.38000...
Price is currently in a wider range between the 0.87000 and 0.89500 price levels (indicated by the black dotted lines). Price has formed a very large bullish engulfing bar (BUOB) off the 0.87000 level. Given this large momentum move, I see no reason why price won't reach the mid-way 0.88500 level for a quick profit, and then onto the 0.89500 level.
We may have a potential set up on the EURAUD daily time frame based on simple horizontal support and resistance. The 1.50000 area has been a key pivotal zone constantly reversing its roles from support to resistance, and visa versa. If complimentary bearish price action, in the form of a BEOB, then we could see price move to the next major support level of...
I am describing my thoughts as though we are nearing market close. Price has been consolidating in a small-time range (as indicated by the upper box), and today has formed a Bearish Engulfing Outside Bar (BEOB) which has broken out of this range. Further supporting this bearish outlook, appears to be divergence between price and MACD data. This can be looked at...
