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The CHF/JPY pair has formed a double top pattern.
It has now made a lower high formation and crossed the support at 109.140, which indicates the beginning of downtrend.
The MACD indicator also confirms the set up by moving on the bearish terrain.
Hence, we expect the pair to move to the support level at 108.370.
The counter formed a double top pattern and broke the critical support level of 1.01187.
Then it made a bullish correction in the form of a bearish flag formation.
The broken support of 1.01187, proved to be a tough nut and capped the price action.
Now, the pair has broken out of the bearish flag formation, by forming a double top pattern.
We expect the resistance...
The tussle between the neighbours, Antipodeans and Kiwis, is set to continue as they stay in the range 1.07149-1.05254.
The pair took support at the lower end of the range and formed a descending triangle pattern, which should’ve yielded a bearish continuation.
However, the pattern was broken to the upside with a gap, thanks to Australian election news.
The counter saw two critical events back to back - The Australian election and the RBA minutes.
Both presented diverged trade ideas and the market embraced with open heart.
The gap up move which failed to hold the momentum amid RBA minutes has fallen back to its lows.
And the setup is likely a Bullish Bat pattern.
The stochastic indicator has flattened at the...
EUR/AUD is in an ascending channel formation.
The pair has formed a morning star pattern now.
Further the area confluences with a critical price action level.
Hence we expect the pair to move to resistive trendline from here.
The immediate trendline has been broken in the counter.
The break out was with a gap which further bolsters the case for reversal.
RSI indicator which was hovering around the 40 level mark has spiked up indicating a positive bias.
Hence, we expect the pair to move higher from here.
The 4-hour chart of AUD/USD has formed an AB=CD Pattern.
It is currently at the 1.618 Fibonacci extension of BC, which can act as a strong Support.
As the pattern indicates this is a potential profit booking zone and the pair would also find support at this zone.
Also, the RSI indicator is lurking below the oversold region.
Hence we expect the pair to be bullish...
The index is in an ascending channel in the hourly chart.
It hit the resistive trendline and has made a double top pattern.
Also, the RSI indicator has signaled topping out by crossing the 70 level mark from above.
Hence, we expect the pair to move to the support trendline for now.
The oversold kiwi at last showing some signs of profit booking.
The counter has broken out of a falling wedge pattern.
In the due process, it also made a higher high and higher low formation.
Also, the MACD indicator is showing tradction towards the buy side.
Hence, we expect the pair to move higher from here to the resistance of 72.680.
The recent upswing in the counter has worn off after reaching the highs of 109.
It broke its bullish trendline and formed a lower high, lower low formation as well.
The MACD indicator shows the bullish momentum has dwindled.
Hence, we expect the pair to head down from here.
The counter has started off its bear cycle.
It has completed its first two waves and the wave 3 is in its last leg.
The wave (iv) of wave 3 formed a triangle pattern and yielded a bearish breakout.
The MACD indicator is in the bearish zone as well as confirming the breakout.
Hence, we expect the pair to move lower from here.
The presence of bears in the chart is palpable as the pair makes lower low continually.
The recent rally in the was capped by the resistive trendline.
And the RSI indicator hit the 70 level mark and made a double top pattern.
Hence, we expect the trendline to hold and the pair to slide towards the support level of 1.11129.
We have been a visionary in the bullion counter so far in 2019.
Two predictions - one from the lows to form a parabolic move and then recently we suggested that the down move of late is not a head and shoulder pattern.
The market proved us correct by holding the trendline and breaking the neckline.
As suggested by us earlier, the down move is the wave 4 of a long...
After a significant bull rally, the pair consolidated to move to the trendline.
In the process, it was squeezed into a triangle.
A bullish breakout from the triangle confirms the trend is intact.
Hence, we expect the counter to trade with bullish bias from here.
After a brief rally, the counter signals of topping out.
It made a head and shoulder pattern and broke the neckline.
The right shoulder can be attributed to a flag pattern as well.
And a bearish trendline can be drawn connecting the lower highs of the price action.
The stochastic indicator is also entering the overbought zone.
Multiple factors converge to divulge...
The counter is formed a bearish exhaustion candle.
Then it spiralled down and broken the critical support of 1.06138.
Now, the broken support is acting as the resistance.
Also the RSI indicator formed a head and shoulder pattern during the exhaustion candle move and broke the neckline. Now, the neckline coincides with the broken support bolstering the...