1h
GBPUSD Symmetrical TriangleLook for a break of this support trendline to short, as well as DXY breaking the 101.70 resistance that I posted and mentioned earlier.
It will be easier to short GU since there is more space between the breakout and the next support - as opposed to the resistance trendline breakout and resistance above it.
EURNZD 4h/1h Possible Inverted Head and ShouldersA similar possibility to EURUSD on the 4h - so if price heads down on both those pairs, there will theoretically be an inverted head and shoulders.
The rest depends upon the strength of the Euro's NZD and USD pairings.
I also may look for a short, with a sell stop order at the green line and a target of slightly above the next area of immediate support.
EURJPY Possible 1h Short I am technically neutral on this pair, however I will only take a bearish position.
This is because there are no major supports below the support trendline shown above, while there are several resistance areas above the resistance trendline.
There are simply less obstacles in a short position.
NZDUSD 1h Bearish Continuation SetupAfter a bullish move for several hundreds of pips, NZDUSD has finally reversed.
The reason for this was a second batch of poor economic data, and the strengthening of the US Dollar.
Above is my position, which satisfies my risk to reward ratio of 1:2, which is still open.
As the week was nearing the close, volatility just kind of dried up and price began moving side to side.
This is known as accumulation.
The setup is basically a continuation setup, with a slanted resistance trendline indicating lower highs.
I will likely add to my position if price breaks this structure.