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Confluence

Confluence Analysis on EUR/NZDWe have Four Areas of Supply but we only have Three Areas of good Confluence in the Chart. Buyers are defending the 1.7040 - 1.7060 area Strongly. We have Equal Highs and Equal Lows being created on the Chart, so we expect to see a lot of Fakeout Patterns to be formed. Looking at the Market Structure, the Price is still ranging between 1.7060 and 1.7100 The Sell Areas are the Three Red Circles. The Circle at the Top of the Chart still has unfilled Sell Orders. Price will take a lot of time to reach that area, so it is a long-term play. For now, our focus is on the Three Red Circles at the bottom. As usual, we enter the trades with proper risk management. Before you enter, also study the price action at our Confluence Areas for Confirmation!!
by Benettel
CAD/JPY AnalysisThis pair was in a Bullish Expanding Channel last week due to the Pfizer Vaccine news which helped Oil prices to go up. The pair has now formed a "Falling Wedge" Pattern on the H4 Chart. The improvement in the Canadian Manufacturing sector and a gradual growth in Oil Prices is good reason to be Bullish on this pair. Sellers have broken out of the Bullish Channel and are now moving the price in a New Bearish Expanding Channel on H1 Chart. Sellers are still in control. We have a Confluence of Three Types of Support in the 78.85 - 79.15 area which indicates that we may have a lot of Buyers in this area. The Green Circle is our first Buy Area. Looking at the Chart, we see a Drop Base Rally (DBR) at the 78 Area. This means there are Unfilled Buy Orders in the 78 price area. This area has been tested only once, so it is a fresh buying level. As usual we enter with a tight stop loss to reduce our risk, in case the market reverses and changes direction. Don't forget to use good risk management too. Cheers!!
Long
by Benettel
2
DAX with major confluenceThe market is currently at a strong area of resistance which closed with a shooting start candlestick formation and has tested the area multiple times in the past 24 hours which is a good indication that the market could possibly turn around. The MACD shows along with the ADX and DI show that the bullish trend has weakened coupled with it being on a 61.8% Fibonacci retracement level. These three tools create confluence, a good entry would be a break of the trend line and a retest of the 61,8 fib.
DShort
by Alex-kamunga