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Have we broken the trend ?So i read Andy Constan tweeted his short position on euro yesterday. Before i go in with my money should do my own analysis. Dude is a legend of course but i will have to stick to my rules and do the due diligence. On weekly chart here. Clearly see the downtrend is broken. Currently back testing the upper line of channel. If we make a new local high i will be very confident that trend has changed. But it could be a liquidity trap and we are going down in the near future as this EV count suggests so. A WXY in progress. The Zigzag as W A leading Diagonal as an A of a zigzag but 5th failed to make a lower low. Truncation in diagonals are more common than impulses. B was spot on .50 of lowest point of A ( Zigzag Guideline Met) C of the zigzag was sharp and quick ( Alteration is present) The X wave as a connector was A as a Diagonal B as a WXY C a 5 wave Impluse to end the Expanded Flat correction very near to 1.618 of A Y is in progress. Its looking more like a flat at the moment but we have to see how it unfolds. RSI at .50 in a downtrend looks good for a short. MACD is below the Zero line and moving averages are contracted also suggests a good entry. Bollinger Bands showing price been travelling up and down between median and lower line since june 2021. I think its due for a major expansion soon. No Investment Advice.
by UnknownUnicorn10209036
Double Bottom in AUDUSD, Expected Rally Towards 0.78Trend Analysis The main view of this trade idea is on the 2-Hour Chart. The FX Cross AUDUSD formed a double bottom or W pattern around the 0.71 and 0.718 support areas. The resistance for this pattern is observed around the 0.7475 price level where AUDUSD recently broke above and held. Expectations are for the rally to continue, which will take AUDUSD towards 0.78. This view will be negated if AUDUSD declines below 0.7475. On the Daily Chart AUDUSD is trending higher with initial levels of resistance seen around the 0.765 price level. Once the FX Cross breaks above initial resistance, it can test the 0.78 price level. A negation of this longer termed view will occur if AUDUSD declines below 0.736. Technical Indicators AUDUSD is trading above its long term MA. The Awesome Oscillator is above 0 and green. The Supertrend Indicator is also in a bullish mode with support around the 0.746 price level. These tell a bullish story for AUDUSD. Recommendation The recommendation will be to go long at market, with a stop loss at 0.745 and a target of 0.78. This produces a risk/reward ratio of 4.35. Disclaimer The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time of publishing, I have a position in AUDUSD.
Long
by Ceddy86