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BluetonaFX - CHFJPY Resistance SHORT IdeaHi Traders! There is a resistance short-to-support opportunity on the CHFJPY 1D chart. Price Action 📊 The market has reached the 2-month resistance at 166.601 (August 2023 high), and bears are currently holding strong at this level. A continued hold here will most likely lead to a pullback to the support level at 164.000. We are looking for the bears to hold and close below the market resistance level, which will be an entry signal to go short at the resistance level. Fundamental Analysis 📰 With the current rising geopolitical tensions, the safe-haven proxy currencies, CHF and JPY, tend to be the likely outperformers in the foreign exchange market.   Support 📉 164.000: PREVIOUS RESISTANCE Resistance 📈 166.601: AUGUST 2023 HIGH Risk ⚠️ No more than 2% of your capital. Reward 💰 At least 4% of your capital. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
Short
by BluetonaFX
1
BluetonaFX - NZDCAD SHORT to Monthly Low IdeaHi Traders! There is a possible retest of the strong support level of 0.80531, and there are potential opportunities for short entries towards this level. Price Action 📊 The market is currently in a descending price channel and recently broke and closed below the 20 EMA, which suggests that there is currently bearish momentum in the market. We are looking for the bearish momentum to continue with a look to target the support level of 0.80531, which is also the monthly low. Fundamental Analysis 📰 Recent data out of New Zealand has not been as strong as analysts would have liked, which may lead to possible NZD weakness for the time being. Additionally, the NZD seems to be weaker following the release of Chinese inflation figures, which has an effect on antipodean currencies.   Support 📉 0.80531: MONTHLY LOW Resistance 📈 0.81203: PREVIOUS DAY'S HIGH Risk ⚠️ No more than 2% of your capital. Reward 💰 At least 4% of your capital. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
Short
by BluetonaFX
7
EUR/AUD swing trade longEUR/AUD remains within an established uptrend on the daily chart, and a 3-wave countertrend move has formed. It is trying to build a base above the 50-day EMA and July high, which paints a near-term bullish bias whilst prices remain above 1.66. We're not yet sure whether we're at or near the end of a 3-wave correction, or if this is simply the first leg lower of a deeper retracement. For now, we'll target 1.85 and use a break above 1.69 as confirmation that momentum has realigned with the daily bullish trend.
Long
by CityIndex