You may see my earlier related post regarding this pair. Follow up action from the bulls hasn't been stellar for this pair which is giving me doubts about the strength. Market has been going sideways for hours now and has formed an expanding triangle. While the odds may still be in favor of the bulls, I need to prepare for the possibility of a break lower. I would...
A break below support level (107.50) to continue the sell-off is still good probability. But Partial exit for anyone holding a short is reasonable. I am personally seeing some hesitation from the bears as this pair struggles to make new lows. It's currently at support level and re-testing SEPT 26 major low. The trend should still be our friend here but a rally...
Probably not in a major way but there may be good opportunity for the bulls to ride a rally via break out setup. Price is currently at a confluence of two resistance levels (trend line and horizontal resistance line). This is after a strong rally off of a higher low setup from the OCT. 1 bottom. Let's see.
Possible inverted H&S confirmation indicate we may see this pair higher. Looking for a measured move per the the H&S protocol.
Multiple break outs of highs and horizontal resistance indicate this pair may be going higher. Price may be targeting 1.6460 - 1.6525 region which forms a resistance area and a measured move from the range formed by the consolidation area below the current price.
I have not been betting against the USD lately but this pair may see some sideways to down after this re-test of a previous high. Lower time frames are showing some selling pressures after possible buy climaxes so keen on watching how this progresses. Key levels in my chart for possible breakout setups.
Taking another crack at this. This one with a slightly better R:R. Market made another attempt to break lower and failed again. Looking to ride a break higher.
Break higher out of a descending wedge presents some improved probability for a test of the wedge high (at the least).
Pair has been spiking and channeling in a bear trend since the 11-AUG swing high but current channel that is forming is an equidistant bear channel containing possible climactic bear legs (or even bear traps) that could facilitate transition to either sideways ranging or even a reversal. Of course current bearish trend could continue lower but the bear channel...
Watching how this pair fares against the current price levels. This pair has been reacting nicely to all my levels recently so this should be interesting.
Another perspective on this potential short with a possible Spike and Ledge reversal pattern awaiting confirmation...
Price is currently stalling at 115.00 levels where we also have a resistance region drawn. While the current price pattern can be viewed as a possible bullish continuation pattern (which can be confirmed if the market breaks to the upside of of 115.20), I am leaning towards a short setup, given a suitable bearish price action. Looking at the 1-HR chart, this move...
The contrarian in me tends to think we might see a break here despite the clear uptrend off of the 12-APR-2018 swing low. I do have support price region at 1.0845 - 1.0910 marked by an orange box but we did see the price bounce off it from the 03-SEP swing low so we need to watch if it will still hold against this current re-test. Note that the trend line support...
Looking at a possible bounce play or a breakout setup if price reverses from 140.00 or breaks below. I'm seeing 140.00 as a major price level which makes it a compelling reversal setup. On the other hand, a break below may provide a sell setup given a suitable bearish price action set up. Let's see now.
Today we see a price channel breakout for this pair after consistently seeing it respect the channel's lower trend line support since APR-2018's swing low. Price is now retracing after the strong breakout and a retest of the trend line is now anticipated. This bearish outlook is supported by a confluence of the trend line and the identified horizontal resistance...
If you're looking to get a piece of the nearly 800-pip sell-off from the JUN-2018 swing high, then we might have an opportunity soon as the price hits a horizontal resistance level at 1.5042 - 1.5120 region. Looking to take this trade only if we see a strong bearish price action at the aforementioned price levels or thereabouts.
Currently anticipating a follow through of the recent trend line break. But we may see a short term rally to 111.00-111.40 region so we will check how the market reacts to that price if and when it does. Looking to short at that price.
Here are my price projections for this pair, anticipating a possible short at the end of the current upswing. While setting up this chart, I saw that the Friday (27-JUL) low was actually a possible tradeable setup (using a measured move strategy from that 25-JUN swing high). Yesterday confirmed this and so I went long at 1.5225. Now up and protected at BE....