ovidiu_andi

ovidiu_andi Updated 

Visible downtrend (LHs & LLs) 61% fibonacci retracement (valid correction) Supply found at the 76.00 psychological level 100 SMA points downwards and became a dynamic resistance

ovidiu_andi Updated 

Supply found at 76.00 psychological zone 61% retracement for the actual correction, making it more likely to continue down, towards a lower low No LL, but the momentum's still downward

ovidiu_andi Updated 

Please be aware of the fundamentals before proceeding with the entries My final analysis for AUDJPY

ovidiu_andi Updated 

Decrease in momentum on AUDCAD LHs & LLs Supply found multiple times at 1.050 psychological zone Or this could be an entire correction of the previous uptrend, which I doubt. But I'll also take a look at the lower timeframes.

ovidiu_andi Updated 

Clear downtrend on the daily timeframe (LHs & LLs) Last correction exceeded the 50% fibonacci level 200 SMA now dynamic resistance 0.98 and 0.96 psychological levels of supply

ovidiu_andi Updated 

Supply found at the 0.94 psychological level + 78% fibonacci retracement LHs & LLs -> downtrend The previous distribution phase (bigger circle) might just happen again in the smaller circle (actual phase)

ovidiu_andi Updated 

Correction ended at 0.940 psychological level and roughly at the 78% fibonacci retracement The 100 SMA is still up, but flattening, which may be a sign of reversal If the correction confirms, then this is a distribution phase

ovidiu_andi Updated 

The 0.9390 (roughly 0.9400) proved to be a turning point and now I'll be waiting for the fall of AUDCAD The 50 SMA has turned into a dynamic resistance Price is approaching the dynamic resistance and the 50% retracement (minimum required for it to be consiered a correction) Overall, it looks like a distribution phase ready for markdown

ovidiu_andi Updated 

Will we see a change in direction for EURNZD? The swings are showing a loss in upward momentum at the 1.700 psychological level, the correction hit the 50% and the candles are getting small... so let's check the lower timeframes. Also, this is not a H&S pattern, because the neckline is not flat. Those red lines are only destined the emphasize the downward momentum switch.

ovidiu_andi Updated 

The same 50% correction Psychological resistance at 1.720 Swings are pointing lower And no higher highs and higher lows were made recently The 200 SMA is pointing downward

ovidiu_andi Updated 

H&S pattern established at the peak of the uptrend (we may also consider it a distribution phase) 50% correction LHs & LLs Aggressive impulse downward, forming a LL at the 1.710 psychological zone 50 SMA has now become a dynamic resistance

ovidiu_andi Updated 

LHs & LLs 1.7100 psychologicl level of resistance 200 SMA now a dynamic resistance 50% correction

ovidiu_andi Updated 

200 SMA dynamic resistance 50% correction LHs & LLs 1.710 psychological level of resistance

ovidiu_andi Updated 

So what can we expect out of this wedge? Considering the powerful momentum that the month of may had, I would say it's most probably going down. But let's also check the other timeframes.

ovidiu_andi Updated 

Okay, so we got 5 weeks of continuous fall, confirming the monthly momentum. Also, notice how the 200 moving average slowly becomes a powerful dynamic resistance. And regarding the pierce in the previous support, I wouldn't necessarily consider it a lower low, because of the short period of time it spent underneath it.

ovidiu_andi Updated 

Explanations are visible on the chart. Note no.1: still no visible downtrend, so let's go down to the lower timeframes. Note no.2: notice how powerful the 50 MA dynamic resistance became in the bubble zone.

ovidiu_andi Updated 

The downtrend's becoming more visible now, which means more indications for a further continuation.

ovidiu_andi Updated 

We have the downtrend, but what about the entry?