- EUR is relatively stronger than AUD
- Above resistance level
- Triangle is broken with downward trend line confirmed breach
- Trend line re-tested then price went up
Ideally, if price can pull back to 1.60000, buy. Target 1.61700
- Strong upward trend
- Large pullback has finished with huge bounce
- 1324-1325 will be the key support: 200 EMA in H1, 60 EMA in H4, 10EMA in D1 and Fibo 50%
Buy at 1324-1325. Target 1350
- GBP is relatively weaker than NZD at the moment
- Big bearish candle in D1
- Previous upward channel was re-tested and had price perfectly reversed
- Small upward trend line (green line) was broken and re-tested
- Key level 1.91380 is also the Fibo 23.6% is likely going to the resistance for reversal
Sell at 1.91380
- EUR is relatively weaker than NZD
- Tendency is strong downward with previous upward trend line became invalid
- Huge bearish bar in D1
- Price reversed at the downward trend line in D1 further approved downward tendency
1. Sell at 1.66300 if resistance holds, or
2. Sell the breakout of small upward trend line
Target: 1.64200 or 1.63400
In D1 chart, we can see a clear bearish divergence by both MACD and RSI has formed. Since the last two days gold price has been dropping, it is confirmed that this divergence works.
In H1 chart, if 1315-1316 holds as resistance, we can open short positions.
After big drop, price is supported near the big upward trend line in D1 since December 21st of 2016, as well as Fibo 78.6 (1.12160-1.15680).
Since upward channel in D1 is confirmed breached, I expect the price to re-test 1.13400-1.13500 level to determine the next big move.
Fundamentally, economic condition in Euro zone does not support EUR to go higher at the...
After more than 200 pips of pulling back, it seems that price finally decided to pay respect to Fibo 50% and two downward trend lines.
I already opened a new short position near the trend line with my last faith. If it happens to break through all three resistances, short positions will be no longer doable, until it meets 1.70500
Let's hope this will work!
In H4 chart, the downward channel so far is still valid. With the price is currently re-testing yesterday's resistance by the trend line and MA 200, I can see these resistance indicators are working well.
Even though H1 and H4 show bullish MACD , I personally believe the bullish pull-back has just finished as the last H4 bullish divergence in Jan 13th also...
Based on Elliot Wave Theory, price has finished wave 3 and met minor support. Price needs to pull back about 100 pips in order to drop further. In addition, H1 MACD and RSI have formed bullish divergence that support this assumption.
Wait until the pull-back is finished to enter short position is safest, or enter short when D1 support 1.67130 is confirmed...
The most recent H4 candle just closed under the biggest downward trend line. This should be a good signal to sell. TP 1.13700
However, I personally advise you to take profit whenever the downward momentum seems to be eased or move your SL to break-even when you have earned 30 pips. Opposite spikes and volatility in this month have caused too many nightmares.