GBPNZD is forming a rising wedge and has broken the low barrier. This is a good opportunity to get short toward the gap fill. Potential SL above point C resistance and TP at the .5 fib around Friday close.
Happy Trading!
I'm solely publishing this for me. So I can see what Gold does. This is my first look at GOLD. Key levels marked off and a channel created. Some trend lines drawn out and .382 fib level marked off. It's bouncing off there.
My analysis is on the chart.
Buy limit at 1211.56. May or may not trigger. Watch around 1238.46 could be taking a buy there if it bounces...
Many confluences to the the downside, Very strong short opportunity which could yield yearly returns. Reasons fro the trade are shown on the chart! Please like or comment.
Many confluences as the uptrend line is broken on the daily timeframe, fib line up with numerous indecisive candles. ETC.
Please Like and comment feedback, it really helps, Thank you.
Shorted GBP/AUD based on the following reasons:
- Not able to break above 50 fib line on daily
- Beak and retest of 2.03 level
- Bearish engulfing on Daily
Caution: This might be a fake out and we could possibly just be re-testing the broken descending trendline in which this trade would be invalidated i.e. the trade would be closed if PA turns bullish.
PROS
- Low test candle formation.
- Rejection of both horizontal support and a downward sloping trendline.
- Price sat between 0.5 & 0.618 Fib retracement.
- Bullish MACD Divergence
- Oversold on Stoch RSI
CONS
- Trading against the trend.
- Trading towards key EMA's.
Thoughts on this position?
Possible short opportunity coming up, I predict the £ will see more weakness as we run up to the EU referendum. A break of 1.41 will confirm this short position for me. We have already seen a break of the ascending trendline and support break.
PROS
- Rejection of 0.618 retracement level
- Stoch RSI oversold on monthly, weekly, daily.
- Rejection of horizontal resistance
- Rejection of upward sloping trendline
- Reversal candle pattern
CONS
- Trading against the trend
- Trading toward key EMA's
TARGET
0.68562 - 0.618 retracement from previous swing low to latest high.
This retracement ties in with daily 50EMA
KS on the 1h is bullish which could confirm the breakout but the indicator I like to pair with the cloud is on the cusp of turning bearish
I use 1h charts to trade forex but the 3h made me put a hold on my long position because it's just not quite convincing enough yet
If we see the KS and TS continue the crossover and the 0.236 line I will reopen and hopefully...
We have a nice strong channel from the 29.2.2016 and the price just touch the it. The demand zone with 50 % fib retracement can hold, and push price back to supply zone at 1.47000. So we can see the nice forming HH ( higher high ) and HL ( higher low ) formation. This we use to find a potential trend reversal.
Have a nice week !
My plan is to wait for a pullback off of 10.21 resistance in to 9.79 pivot, CCI needs to be above 100 when we pull back. A quick wave count could be a third wave right now and then we´ll probably break above the resistance with a wave 4 as retest...
I have entered a short position based on the following reasons:
- Break and retest of strong trendline
- MA's have crossed over since the break
- Daily candle looks to be closing on a doji and has failed to break above 0.68 level (This is also the level for 0.382 fib.
Caution: NFP is released tomorrow so this trade could see huge spikes in either direction.
Trade smart
Multiple confluences such as; Higher low not being projected, Lower high being projected, the weekly timeframe bearish candle has engulfed the last bullish and almost the previous one before that, weekly price action has bounced and retested off the 618% FIB possibly stating that the previous uptrend has reached its exaustion point.
![USDCHF: USDCHF channel breakout [Long]](https://s3.tradingview.com/p/PAYibhcX_mid.png "USDCHF channel breakout [Long]")
