If you look at at the chart AUDCHF is bouncing a little from point 1. This has been previous support.
It is not major support so you need to be careful if getting long as I think it could make a quick move down.
As you can see on the chart price on NZDUSD is trading exactly in the middle of the range right now. Orange arrows show the major support and resistance.
As we are trading in the centre of this channel I advise to wait until one or the other has been hit.
Nice and simple, Point 1 is showing where price is currently trading. If price breaks above the yellow triangle, we can look to get long to point 3, (1.8540). IF price breaks down below the yellow triangle we can look to short to 1.6750.
If price breaks below point 1 then you can get short down to the 1.6000 area. If we break above point 2 then look to long to at least 1.7600.
I wont be entering trades if price is in the yellow triangle!
Looking at EURNZD it is very possible we get a breakdown here. The bulls are going to try and defend 1.5000 with their lives. If we get a convincing break and close below then there is a huge open space that could let price fall to 1.3980.
This looks to have a nice risk to reward ratio so I will be keeping a close ...
Looking at EURJPY right now and my main question is, are we going to move back into the range or will we keep rallying into the 200MA (blue)?
The reason I ask is that a lot of other pairs in a range have had a head fake out and then reversed. I am also looking for a sell off in the stock market which EURJPY tends ...
This is the weekly chart. This initially started because I wanted to draw in what I thought the moving averages (50 and 200) might do over the coming months. After drawing them in I then put in some waves and it has been working nicely so far.
If you would like to get long EURGBP then you might have the chance to ...