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USD/JPY is making a Formation of the Double Top PatternIt's an hourly chart of USD/JPY. The USD/JPY is trying to make a structure of the double top pattern. But rightnow, we can't call it a double top pattern. If it crosses the neckline then, it will become a double top pattern. To touch the neckline, it has to cross 104.26 . I have applied the indicator (RSI), which indicates a fall. But what if it continues to grow? If it does not stop to grow, then it will touch 105.06 .
by forextidings
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USD/CHF - 2 Bullish & 1 Bearish Elliott Wave PatternsThe USD/CHF made two bullish Elliott waves, and it's making the third Elliott wave, but this one is bearish. This chart is all about learning to apply the Elliot wave pattern. The first bullish Elliott wave started on the 21st of October and ended on the 23rd of October . And the second bullish Elliott wave started on the 23rd of October and ended on the 4th of November . Now, from the 4th of November, the bearish Elliot wave started, and The fifth wave is in the still making process. ABC correction is remaining . If you like my technical analysis on the Elliott wave theory in this chart, then like, comment, and follow me.
by forextidings
4H Forex Trend Following Strategy With 200 MAThe downtrend of EUR/GBP shows that EUR/GBP will probably touch a major trendline, and it will touch the targets 0.9000 - 0.9060 . By following the Moving average, I suggest traders buy at a price after the above crossing of Price the MA 200 and sell at a price below the 200MA. But because of an election, there is a possibility of fluctuations. Therefore maybe the trend falls from the major resistance trendline and touches the support trendline by crossing the levels 0.8960 - 0.8920 .
by forextidings
Will GBPUSD surge from this corrective wave?GBP/USD has started falling since September. It's taking potential reversal from descending resistance trendline. Currently, this pair is into the descending triangle pattern. That's a consolidation area. Hence, we may see continue the sideways movement here. Breakdown of descending triangle or hurdle indicating sell confirmation. That means GBPUSD will pushback to 1.2726 & 1.2676 levels. And upper breakout will hard-hit on the current trend. It will fly till the 1.3020 to 1.3160 target prices. The day traders can keep buying/selling between the consolidation area but get ready for the above targets after a breakout of the descending triangle pattern.
by forextidings
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