DATE 30/04/2014
CANDLESTICK CHART
Head and Shoulders chart pattern with breakout on 27/07. Price retested the breakout and held for the next 5 days.
Rising momentum since the left shoulder of the H&S pattern
Price retested the support yesterday and held.
RENKO CHART
Price retraced .764% and starting to head up again.
EMA crossover signals increased AUD...
DATE:20/04/2014
RENKO CHART:
Double top forming
CANDLESTICK
Bearish gravestone doji on Thursday is ominous, considering the strong resistance zone
The next day is a down day below the INTERNAL FIB LINE (IFL), warning sign number 2
On the MOMENTUM chart, bearish divergence has formed, warning sign number 3.
CONCLUSION
Seems like the GBP is not making a new high...
DATE: 17/04/2014
RENKO CHART
Prices moved up 4 RENKO blocks today due to the good economic data from UK
Moving close to the high established since January
Very good up slope with wide gaps between the 2 EMA
RSI still a distance from the oversold region
CANDLESTICK CHART
A cup and handle formation forming. A break above the year high should send this pair on a...
15/04/2014
RENKO CHART
Price overcoming high in Feb
A real bullish move can only be confirmed if price exceeds high in 12/2013
Strong bullish divergence can be seen on RSI
CANDLESTICK CHART
Price testing the MEDIAN LINE (ML)
Wait for a retest to be sure in view of declining momentum
Slight bullish divergence on MOMENTUM
DOUBLE BOTTOM
CONCLUSION/ACTION
Bullish...
DATE:12/04/2014
RENKO CHART
Price is still on downwards leg currently
Main trend is still bullish
CANDLESTICK CHART
HEAD AND SHOULDERS formation with neckline broken is observed (observable on RENKO chart also)
Projection of price target according to the H&S still not fulfilled (Note the closeness of the price projection and the support @ 1.45076)
HOWEVER,
Doji...
DATE: 11/04/2014
RENKO CHART
Price has made a new high. (value based on close, actual high on candlestick not breached yet)
Implies that buying strength has increased
Gap between 200 and 50 EMA is still wide, supporting up trend
CANDLESTICK CHART
Price zoomed past INTERNAL FIB LINE (IFL) of the uptrend pitchfork
Currently undergoing a retest of the IFL.
A pin...
DATE: 11/04/2014
RENKO CHART
Price has made a new high. (value based on close, actual high on candlestick not breached yet)
Implies that buying strength has increased
Gap between 200 and 50 EMA is still wide, supporting up trend
CANDLESTICK CHART
Price zoomed past INTERNAL FIB LINE (IFL) of the uptrend pitchfork
Currently undergoing a retest of the IFL.
A pin...
DATE: 11/04/2014
RENKO
Price has hit the 200 EMA
Price seems to be have found support today but may be due to the closing of short positions on Friday
CANDLESTICK CHART
Pitchfork main trend = UP
Price supported by the trigger line
Price making higher lows since 02.04.2014, is there a lack of sellers?
PROJECTIONS
If RENKO bars reverse by at least 2 bars, go...
LOOK OUT FOR THIS PAIR FOR SHORTING OPPORTUNITY!
REJECTION BY 50% RETRACEMENT ON 04.04.2014 SUPPORTED BY BEARISH CANDLE
MACD IS ALSO TURNING DOWNWARDS
RENKO CHART SHOWS 2 DOWN BLOCKS FORMING, INDICATING RESUMPTION OF DOWNTREND
CURRENT PRICE: 0.8854
PRICE TARGET: 0.88069 (.764 RETRACEMENT AND INTERNAL FIB LINE CONFLUENCE)
UPDATE 10/04/2014
PRICE BROKE THROUGH...
PRICE SUPPORTED BY UPTREND PITCHFORK'S EXTERNAL 50% FIB LINE ON 4TH APRIL
CONFIRMED OF SUPPORT WITH BULLISH CANDLE
MACD DISPLAYS BULLISH DIVERGENCE
CURRENT PRICE: ~1.3744
PRICE TARGET: 1.37738 (61.8% FIB RETRACEMENT)
DOWNSIDE
RENKO CHART HAS NOT TURN UP BY AT LEAST 2 BLOCKS YET.
FOR A MORE CAUTIOUS MOVE, BEST TO WAIT FOR RENKO CONFIRMATION
UPDATE...
PRICE SUPPORTED BY 50% RETRACEMENT AND 50%INTERNAL FIB LINE.
CLOSED WITH A STRONG BULLISH CANDLE
RENKO CHART SUPPORTS BULLISH TREND WITH CROSSING OF 50 AND 200 DAYS EMA
NEXT RESISTANCE AT 0.93422, EVENTUAL PRICE TARGET AT 0.95030
CANDLE STICK CHART:
CANDLE STICK CHARTS SHOWS THAT PRICE IS REJECTED BY THE 50% RETRACEMENT.
RENKO CHART SHOWS THAT THERE IS STILL ROOM FOR PRICE TO GO HIGHER.
==> WAIT FOR CONFIRMATION ON MONDAY CLOSE, BULLISH BIAS
CLOSE ABOVE 50% RETRACEMENT NEXT RESISTANCE AT 0.89818 (61.8%)
MIN 2 BLOCK RENKO CLOSE DOWN WITH STOCHASTIC CROSSOVER WOULD SIGNAL RESUMPTION OF DOWNTREND
Downtrend is not finished== downsloping rsi and stochastics
possible support zone at around 1.6525
Long term trend is still bullish==price above 200 EMA and good distance between 50EMA and 200EMA.
