As a forex trader, it's essential to have a robust arsenal of technical analysis tools at your disposal. One of the most powerful and reliable chart patterns you can use is the "Head and Shoulders" pattern. This pattern is prized for its ability to signal potential trend reversals, allowing traders to make informed decisions and capitalize on market opportunities....
Luckily the EURUSD has managed to broke up the upperside of the trendline because of the weaker USD in recent days. Its been almost one month that EURUSD has traded within the Bearish channel. So wait till its retest and buy after the clear confirmation.
From the start of the month may XAGUSD/Silver is in downward movement after forming a double top formation. Ever since this drop its forming clear descending channel. Within this bigger trend formation We can see some rising wedge formations which is indicating the upcoming bearish trend until this trend gonna breakout. The price is currently below 50% Fibonacci...
The price of the oil got rejected 3 times and in 4th time got some consolidation and broke the upper side resistance around 66.00. We can see a megaphone structure (Bullish megaphone structure).The retest of the upper side trend line will be a good entry point. Expected target would be 70.00stope lose can be placed below 65.00 level
Wednesday freefall in crypros was one of the major deep correction in recent history and ETCUSD has lost almost 30%
From MAY-07 ETCUSD was in bearish trend and its reached 40.00 level.As a minor bullish correction ETC has jumped towards
80.00. At this level we can see a series of corrections.Previously 80.00 has acted as minor support.Sell at current level
The previous day candle was closed just around 1.9k double bottom formed around 1670.00 was a key reversal area for the bull
.50 Fibonacci and price action level i have marked in the chart was acted as good support for the bullish trend.The upper side
trend line was broken on May-17 and retested on May-19. 1924.00 would be a immediate resistance for the...
Perfect double bottom was formed around 40.00 from this level its jumped almost 100%. Previously the 200 Exponential moving average was acted as resistance around 115.00 and now 200 EMA has turned as dynamic support for the bullish run the trend line was already broken.The primary target would be 115.00 and the
extended target would be 135.00. We can set...
Falling wedge pattern's considered as continuation pattern (Bullish continuation pattern) We can catch this pattern
after some bullish reversal or in a continuous bullish run.Best place to enter bullish was after the break of the upper side trend line
(After converging).The primary target would be the topmost rejection level of the wedge and we can fix our...
Got rejected around .618 Fibonacci level.Is this rejection will hold the bull market.Before that we can see
minor double top pattern. The fear and greed index for BTC is still below the 15 level.As Fibonacci principle
Our primary bullish target would be 42400.00 which is 1.272 level
After the weekend selling BTCUSD managed to back above 50k which is a hope for the buyers.If the current 4Hr candle close above 51k BTCUSD will be more bullish.As its coincides with the trend line support
Though the long term downtrend was imminent in USDJPY it has managed to bounce from 102.600 towards 111.00 level where it met some major
resistance and started falling towards south.Series of Lower low and Lower high patterns are forming and forming clear downtrend channel.Currently the
5th Elliot wave is underway.The lower side trendline adnd 108.00...
The recent downtrend will further accelerates the selling in this pair.Rising wedge pattern will give us good risk
reward ratio.Rejection around 1.57000 and support around 1.52500
Breakdown of the minor rising channel will be a good signal to sell this pair.Primary target would be 1.52500
*Price-below price action level
*Price around point of...
Elliot wave analysis
The fundamental factors has played key role in the recent downtrend in GBPNZD as the pandemic situation in England got worse and the economic condition in New Zealand was also in trouble and in some countries they re imposed some minor restrictions.Today the RBNZ has leave the rate unchanged this causing the further selling of GBPNZD...
Because of the strong dollar the cable has felled to the one week low while i am typing this analysis. As it faces major rejection around 1.37400 level and the upper side of the trend line was also acting as barrier for the bullish run and we can see a Head and shoulder pattern around 1.37400 level we can expect further downside momentum towards the lower...
Because of the broad weakness in USD this pair has visit some south extreme and due to the final quarter and year end fixing and selling of USD is also acted as good fundamental factor to short this pair. USDJPY has reached around 102.00 and got some rejection at this level and this level was currently acting as year(2021) low. We can see a series of broad...