USDJPY major levels of resistance: 121.80 (Fibonacci retracement, horizontal swing high resistance) 118.60 (Fibonacci retracement, horizontal pullback resistance) USDJPY major levels of support: 111.35 (Fibonacci retracement, horizontal pullback support) USDJPY technical indicators: RSI (34) is seeing major resistance at the 64% level. Stochastic (21,5,3)...
Sell below 0.7570. Stop loss at 0.7630. Take profit at 0.7360. Reason for the trading strategy: We see major resistance from the 0.7570 area. The goal is to sell below these levels for a push down to 0.7360 which is our first major support. Stochastic (21,5,3) also sees major resistance at the 90% level where we expect a reaction from.
AUDUSD major levels of resistance: 0.7570 (Fibonacci retracement, Horizontal pullback resistance) AUDUSD major levels of support: 0.7310 (Fibonacci retracement, Horizontal overlap support) 0.7140 (Swing low support) AUDUSD technical indicators: RSI (34) has a long term descending resistance line that has seen price react off it multiple times in the past.
On major resistance for EURJPY (multiple fibonacci projections and retracements at 116.80. Hope to see a drop from here to at least 114.90 area.
We turn bullish above 112.65 major support (Fibonacci projection, horizontal support, bullish divergence) for a push up to 113.94. RSI (34) is seeing major support at 24% and has displayed bullish divergence vs price. Stochastic (34,5,3) is above major support at 4% and also displaying bullish divergence vs price.
It's do or die I guess, if we catch it it'll be a fantastic risk:reward trade. Follow the trade at www.theforexarmy.com
Buy above 0.7583 major support (Fibonacci retracement, Fibonacci projection, horizontal support) for a push up to 0.7657. RSI (34) is right above major ascending support. Stochastic (21,5,3) is right above major support at 9.2% where we expect a bounce from.
sell now for a drop to 0.7642
Switching to a bullish scenario for a rise from here towards 0.7200. RSI (34) has also made a bullish exit signalling a bullish reversal is in progress.
Price is right above major support at 79.02 (Fibonacci retracement, Fibonacci projection, horizontal pullback support) where we expect a bounce and a push up to the 79.98 level. RSI (55) is on pullback support signalling a bounce is impending from here.
Price dropped perfectly as expected and reached our profit target. We turn bullish above 114.11 major support (Fibonacci retracement, Fibonacci projection, horizontal support) for a push up to 116.19. RSI (34) is on support Stochastics (21,5,3) is also on support signalling a bounce is impending.
We can see price close to channel support + stochastics bouncing off support + RSI bouncing off support. Looks good to buy for a rise from here.
Major resistance at 0.7112. Time to sell for a push down from here!
Have to wait for major support at 1.0635.
Price has made a bearish channel exit triggering so we look to sell below major resistance at 0.7107 (Fibonacci retracement, pullback resistance) for a push down to 0.6956. RSI (34) is below long term descending resistance line. Stochastics (21,5,3) is below major resistance at 90% too.
Price has made a bearish channel exit triggering so we look to sell below major resistance at 0.7107 (Fibonacci retracement, pullback resistance) for a push down to 0.6956. RSI (34) is below long term descending resistance line. Stochastics (21,5,3) is below descending resistance line too.
AUDNZD reacting off channel resistance, look to sell now for a drop towards 1.0635.
Play a push up to 1.1320 I run a community training people to be full time forex traders www.TheForexArmy.com