Forexpositive
Bullish ascending triangle in GBPJPYBullish continuation pattern in GBPJPY
The ascending triangle pattern is a bullish continuation pattern in GBPJPY. There are 2 ways to trade this pattern.
1) Aggressive method (Long GBPJPY on breakout)
Place a buy stop order on breakout above 173.50
SL 173.00
TP 175.00
2) Conservative method (wait for retracement)
After GBPJPY breakout decisively above 173.50, wait for any pullback to 173.50.
Place a buy limit order 173.50
SL 173.00
TP 175.00
NZDUSD short on rallies0.8500 is the strong support which has now turn into resistance. I am looking for a deeper pullback to 0.8540, the 38.2% FIB retracaement, before initiating a short position.
The main risk to this technical picture is another RBNZ rate hike in June/July. If RBNZ raises interest by another 0.25% to 3.25%, the bearish TA could be negated.
Short NZDUSD 0.8530-40
SL 50pips
TP 0.8400
AUDUSD scenario #1. Short if bounce up from 0.9200 supportScenario #1 if AUDUSD bounce up from 0.9200 support
AUDUSD short on rally
Strong support zone at 0.9200. If 0.9200 support level holds, and AUDUSD rallies upward to 0.9330-40, look to enter short positions here. 0.9330-40 is a resistance zone & 61.8% FIB retracement.
Short 0.9330-40
SL 40-50pips
TP 0.9200
EURUSD sell on rallies modeWith ECB most likely doing a rate cut & negative deposit rate in June, it is sell rallies mode until the next ECB meeting in June.
Sell EURUSD at red resistance zone 1.3650-70. Target profits at green support zone 1.3500 & 1.3300.
Short EURUSD 1.3650-70
SL above 1.3700
TP1 1.3500
TP2 1.3300