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Descendingtrendline

DXY - USD In Trouble Again ? Starting off with technicals today, this article will aid the previous gold article posted. After a rally of higher highs and higher lows, we then saw a drive to the 95.75 price region creating a new lower low, with an anticipated lower high possibly forming today depending on the candle closure. With that being said, I have entered short term positions on USD pairs as well as a long on Gold. I will come back to these pairs, come Monday. We can see we've currently rejected the descending trend line and pinged off the 78.6% Fibonacci level. We also have a possible right shoulder forming at the time of writing this article which will form a head and shoulders pattern allowing us to see a new leg to the downside. This move may play a vital role as to where the dollar will be heading this year, if we can reach target and break the ascending channel, we may see a continuation to the downside. We also have a minor daily resistance which was met and rejected however this isn marked up on the chart but it is in line with the 78.6%. News today as well as major volatile data releases are seen next week so fundamentals will definitely be important to keep an eye on as well as to see our daily close and how price reacts Monday morning, but overall my bias on USD is bearish. Expect major downside movements for all USDxxx pairs. As always, keep your psychology on point and maintain risk and money management so you can trade at your optimal and most efficient rate.
TVC:DXYShort
by KeownArcher
1
EU is Melting...Looking at EU in more detail: Weekly: a downtrend is still evident, as the weekly descending trendline (pink) has not been broken by this pair. Additionally, a bigger descending trend indicated by the monthly trendline (black) still stands. Thus, it is safer to look for possible short entries on this pair. Dropping down to the daily time frame , the, the direction of this pair is clearer. The pair is currently running in a descending channel, as the pair is making consecutive lower lowers (LL) and lower highs (LH) as indicated on the chart below. Thus, short entries are again favoured on this pair explanation for possible short entry: 1. the weekly key level 1.13250 has remained a strong support level for this pair for a while. Recently however, this key level has stayed a strong resistance level as the pair has failed to close above this level for the past three days. 2. last weeks daily closure closed below the support-turned-resistance level and the long wick on-top of the body is another indication of sellers taking over this market. thus indicating a decrease in upward momentum and a possible short trade set-up coming into play. 3. lastly, My final TP for my previous long entry was 1.13500 marked out by the bubble. But, the previous daily candle stick fell short of this by 56 points (1.13444), thus i manually closed the trade. Entry explanation: due to the strong descending trendline that has been obeyed time and time before, there is still a possibility that this pair may continue to the upside, reject the trendline properly before melting, thus my SL, will be slightly bigger in this case (still falling within my R:R plan)
Short
by YajnaR
GBPCHF. Buy opportunity.It has been a quiet week so far and I am not seeing any great opportunities in the market this week, except this one. This GBPCHF with a possible inverse Head and Shoulders. Price broke the descending trend line, indicating a possible trend change and now it looks like we also have that inverse Head and Shoulders. On the Daily chart, it just completed a bullish cypher pattern (not shown here). I like to see divergence with my head and shoulders, which we have here on the RSI.
Long
by KatlehoMaleka
1
Breakout for NEO at 0.0022?I had plotted the descending diagonal support and resistance for NEO at 1 week at the current downtrend and found a possible upcoming breakout of this downtrend at 0.0022 where the price would hit around 0.0022 and the support before bouncing back and breaking out of the descending diagonal resistance and have a uptrend. Do you think that would happen? If not,what is your forecast like?Do feel free to share your thoughts and opinions below so that we all could learn together
by TrevorSoh