USDJPY PRIC ACTION UPDATEIf you check my previous post on uj, this is an update on the price action for d week analysis.
sorry if u got stop out cos u tok an early sell on monday
Transparentforex
USDCAD PRICE ACTION ANALYSISSo far usdcad has been going smoothly, we expect a continuation to the uptrend.....
any long on uc should be for the coming week only...then u read price action to know wats next.
NZD/USD UPDATED POTENTIAL SHORTSo as i said last week we we tapped the weekly resistance plus price have rejected the weekly 61.8 % retracement level . Yesterday when the market open we saw a gap and price open bearish and tested the previous last week low 3 times and we see price highly rejectded giving us more confirmation for short. Also we see break of structure in the H1 which confirms the potential of change of momentum to the downside
TOP DOWN ANALYSIS
WEEKLY TIMEFRAME
So from the weekly timeframe we see a price is in a downward trend with respective "LOWER HIGHS'' AND ''LOWER LOWS'' when you pull the fib tool you currently see price perfectly at the 61.8% retracement level,which is the golden retracement level.
Also the other thing we notice is break of structure at around 0.64400 on weekly timeframe showing a potential for change of trend. More the candle breakout with large momentum( in candlestick language i mean we have a big ass bullish long candle) so shows there is strong buying power to the upside
we have a key weekly resistance at around 0.65700 ,few pip away from the 61.8% fib level. so we could see a potential market manipulation or fakeout before retracing .always wait for confirmation from candlestick reversal pattern and shift of momentum in market structure before shorting
DAILY TIMEFRAME
So since we noticed a break of structure in weekly timeframe . lets break it even more down in the daily. we draw our fib from the higher low at around 0.63278 to the current price which is 0.65600 so we see price retracing all the way back to test the broken resistance that became a support ,confluence with 50% fib level.
H4 &H1 TIMEFRAME
We see steep slop of the uptrend, all we have to wait is rejection from the 61.8% weekly fib level or rejection from 065700 and shift of momentum. meaning price has to change trend from uptrend to downtrend in lower timeframe like M30 or M45
Note
WE HAVE NFP Tonight so be cation with the trade!! if NFP comes out positive we shall see strong bullish move in dollar. which is good for nzdusd short
always use proper risk management and document your trading setup
our NZD/USD SHORT
target 1=064700
target 2 =0.64500
thank you and please follow me to get more updates
GBPUSD Short on Daily FrameLooking to see the market drop after price rejected both our resistance area and trend line. Price could reject our trend line and push up, or break through, retest and drop to support.
